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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently maintaining a value of around $22,400, with no significant movement on the lower timeframes. Despite carrying momentum for several months, Bitcoin is struggling to gain traction at this level, and the price has been relatively stagnant for the past couple of weeks. Recently, the $22,800 level, which was acting as a support level, was broken, and Bitcoin is currently consolidating once more. To sustain its upward trend, Bitcoin needs to reclaim the $22,800 level as soon as possible. Let’s take a quick look at the Bitcoin Price Prediction Daily (07-Mar-2023) to see where the price is headed in the coming days.
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Analyzing the Daily Timeframe Charts
If we look at the 1-day Timeframe for Bitcoin, we can first notice that the price has been closing daily candles consistently below the $22,800 mark.
The support Bitcoin is holding here is the $22,300 mark, and it will be interesting to see how long this level will hold in the coming days.
If Bitcoin loses the $22,300 mark in the immediate short-term, the next level we will be watching for BTC is the $21,500 mark.
The $21,500 mark has significance, as is the area that has held as both support and resistance in the past. It is likely BTC will retest this level, and the bulls will try to hold it. If the trading volume spikes around this level, we will likely see a healthy bounce for Bitcoin from here.
On the other hand, if BTC already gets above $22,800 in the immediate short-term, the next level we will be targeting is the
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $22,400 mark and has not moved much in the past few days. Right now, we are expecting the price to drop further and retest the support at $21,500. It is the area from where we have seen the price bounce previously, and BTC will likely gain some momentum in this zone. If the trading volume doesn’t spike here, we can also expect further correction for Bitcoin in the coming weeks.
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.