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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the support at $22,400 and is still going sideways on the lower timeframes. The price has not made in significant move in the past three weeks, and BTC has been consolidating around the $23K region. The current resistance we are watching for Bitcoin is the $23,250 mark. It is the area where the price broke below a few days ago and faced rejection on the retest. BTC is now sitting at the support at $22,400; if it fails to hold it, we can expect some correction toward the $21,400 mark. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (09-Feb-2023) to see where the price could be headed next in the coming weeks.
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Analyzing the Weekly Charts
If we take a quick look at the 1-week charts for Bitcoin, we can first notice that the price has bounced nicely from the $16,000 mark and seems to be changing its macro trend.
Even though the last couple of weeks have been slightly bearish, we can see four consecutive green candles before that. It is the first time since July 2021 BTC has formed four consecutive green candles on the 1-week timeframe, and that could be a strong bullish sign for Bitcoin.
However, the area BTC need to conquer here is the $25,000 region. It is a crucial level where BTC faced rejection a few months ago, and breaking above could reverse the crypto giant’s trend.
Right now, we can notice that the price is losing momentum and seems to be forming a lower high. If BTC fails to get above $25,000 in the coming days, we can expect the downtrend to continue.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within a crucial zone and could drop once again on the lower timeframes. The price has been moving in a strong uptrend since the beginning of January, and a correction is due. Right now, we will not be placing any trade on BTC in the short term and will wait for the price to react in the coming days.
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.
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