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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $21,700 mark and is still moving in a downtrend on lower timeframes. The price is now retesting the major support at $21,500, and it will be interesting to see how BTC will react to this level. As mentioned in our previous analyses, the $21,500 mark is a crucial level, and Bitcoin could bounce back from here in the coming days. Bitcoin has looked bullish since the beginning of 2023,and the momentum could continue if the price bottoms here. Let’s take a quick look at the Bitcoin Price Prediction Daily (09-Mar-2023) to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price is currently retesting the $21,500 mark, which has reacted as both support and resistance in the past.
It is the area where we have seen the volume flow in the recent past, and the bulls will try to hold it in the short term. If BTC manages to bounce from this zone, we will see a spike, and the price will likely get above the $22,2000 mark. The target we will be eyeing for BTC in that scenario is the $23,800 mark.
The $23,800 mark has significance because it is another level that has acted as both resistance and support in the near past. It has mainly been acting as resistance, and BTC will need to break above it convincingly to resume the uptrend on higher timeframes.
Once the price manages to break above this strong resistance, the next level to watch will be the $25,000 mark. An area that has been keeping the price low since August 2022.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading just above the support at $21,500 and could bounce back from here in the coming days. The price has previously used this level as support, and the bulls will try to hold this level one more time. If sellers lose steam here, we can expect the uptrend for Bitcoin to continue and, once again, will be thinking about that $25,000 mark. We will also be keeping an eye on trading volume, as that will be the key here.
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.