How is Bitcoin (BTC) Doing Today?
Bitcoin is currently trading at around $27,800, with a bearish sentiment on the micro timeframes. For the past couple of weeks, the cryptocurrency has been moving between the $27,000 and $30,000 levels without any significant breakthroughs. The $30,000 mark has proven to be a strong resistance level, as Bitcoin has repeatedly failed to break above it in the last month. It is crucial for the price to surpass this level soon, as a failure to do so could lead to a shift in trend towards the downside. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (08-May-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The latest 4-hour timeframe for Bitcoin reveals a noteworthy development in the form of a symmetrical triangle pattern that is currently unfolding.
A symmetrical triangle is a neutral pattern that indicates that the price could break in either direction. Here we can notice that Bitcoin is breaking below the symmetrical triangle and is heading toward the lower levels.
The support level to watch here is the $27,000 mark area. It is the price level Bitcoin has been respecting for weeks, and breaking below it will be a strong bearish sign.
As a symmetrical triangle is playing towards the downside, it is likely that BTC will break below $27,000 and will retest the $25,000 mark.
The $25,000 is a crucial level for Bitcoin, and it could act as solid support. It is an area that has acted as both support and resistance in the near past.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $27,800 mark and is looking bearish in the immediate short term. Right now, we are targeting the $25,000 mark for Bitcoin as the price has broken below the symmetrical triangle. Bitcoin has also been struggling to break above $30K for a while now, so a correction here seems very likely. In the coming hours, we are not expecting Bitcoin to make any immediate bullish moves.
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.