How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $27,700 mark and is still moving within the same consolidation zone on the lower timeframes. As highlighted in our previous analysis, Bitcoin is still trading within the zone between the $27,000 and $30,000 mark and is struggling to break out of it. The price has tried to break above the $ 30,000 mark multiple times but has failed on all occasions. Right now, we are witnessing the price retest the support at $27,000, and it will be interesting to see how the price reacts to this level. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (09-May-2023) to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we look at the latest 4-hour charts for Bitcoin, we can first notice that the price rejected the resistance at $30,000 multiple times and is currently retesting the bottom of the consolidation zone.
As the price is now retesting the strong support at $27,000, it will be interesting to see how Bitcoin will react to it in the coming day or two.
If the price bounces strongly from here, we can expect another retest of $30,000, and that might also invite some bullishness. If Bitcoin manages to break above $30,000 with this move, the next main target we will be eyeing is the $32,000 mark.
On the other hand, if the price continues to lose momentum here and breaks below $27,000. We will see a retest of the $25,000 mark, which is another crucial level for Bitcoin.
At the moment, we can spot both a double-top anda double-bottom pattern. However, the current sentiment is bearish, and trading volume is also on the lower side. The bearish scenario is looking more likely right now.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the support at the $27,000 mark and is still looking bearish in the short term. The price is retesting a crucial support level and could break below it because the momentum is currently with the bears. Once we see the price move towards $27,000, it is likely we will see a drop towards the $25,000 mark. We will be interested in placing a short trade once the price breaks below $27,000.
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.