How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $22,000 mark and is still struggling to gain momentum on the hourly and daily timeframes. Over the past couple of weeks, the price has mostly been moving sideways, and trading volume has been relatively low. Today, BTC is trading below the $22,200 mark, which served as a key support level yesterday. As we noted in our previous analysis, it is possible that Bitcoin will experience a price drop in the coming days before rebounding. Specifically, we expect it to test the $21,500 before recovering and potentially moving higher. Let’s take a quick look at the Bitcoin Price Prediction Daily (08-March-2023) to see where the price could be headed 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 has broken below short-term support at $22,200 and is now coming back to retest it.
If we see rejection here, it is likely that Bitcoin will continue the downtrend and will finally retest the strong support at $21,500.
The $21,500 mark has significance because it is the area that has acted as both support and resistance in the past. It is likely the bulls will try to hold this level. If we see a volume spike around this region, we can expect Bitcoin to bounce from here nicely.
Once the price bounces back from this zone, the next level we will be targeting for Bitcoin is the $23,800 mark. It is the area Bitcoin need to reclaim to gain that strong momentum once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently struggling to gain momentum on lower timeframes and could drop further in the immediate short term. Right now, we are watching the $21,500 mark closely and are waiting for BTC to test this level. As mentioned in our previous analyses, this is the area where we will make a move. Once the price reacts to $21,500, we will get a decent idea of where BTC is headed in the coming weeks. At the moment, we will not be placing any short-term scalping trades on Bitcoin.
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.