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How is Bitcoin (BTC) Doing Today?
Bitcoin is trading around the $22,300 mark and is currently moving sideways on the lower timeframes. The price broke below the support at $22,800 on Friday and has not made any significant moves since. BTC seems to be losing the momentum it has been carrying for the past couple of months, and we can expect some more correction in the coming days. The major price level BTC must hold here is the $21,500 mark. If BTC manages to stay within this zone without losing too much trading volume, we can expect the price to bounce back once again. Let’s take a quick look at the Bitcoin Price Prediction Daily (06-Mar-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we look at the latest 1-hour charts for Bitcoin, we can first notice that the price is currently consolidating between $22,150 and $22,500.
The trading volume is low at the moment, and it is likely that the price will soon move out of this zone. The first level we will be eyeing for BTC In that scenario is the string support at $21,500.
The $21,500 mark has acted as both support and resistance in the past, and it will likely be the area bulls will try to hold in the immediate short term.
On the other hand, fit the price manages to break out of this consolidation zone and reclaim $22,800, then the resistance we will be eyeing next is the $23,800 mark.
The $23,800 mark is the level Bitcoin needs to reclaim in order to regain the momentum Bitcoin has been carrying for the past several weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,300 mark and will likely retest the support at $21,500 in the coming hours. The price has been struggling to gain momentum for the past week or so, and it will be interesting to see how the price will react to this major level. Right now, we will not be placing any short-term trade on BTC and will wait for it to react to the $21,500 mark.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.