How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $28,300 mark and has not made any significant moves in the past week. The price has been consolidating below the resistance at $28,600, and the low volume is preventing BTC from breaking above it. As highlighted in our previous analyses, the bulls are trying their best to hold this mark and push toward the $30,000 mark. However, there isn’t enough buying momentum to push the price above this crucial level at the moment. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (10-Apr-2023) to see where the price could be headed next 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 see that the support level for this consolidation zone is around the $26,700 mark.
However, if we zoom in on the 1-hour timeframe, we can notice that the consolidation zone has shrunk, and BTC is now bouncing back and forth between the $28,600 andthe $27,600 mark.
If the price starts to lose momentum in the coming hours and breaks below $27,600, we will view it as a scalping opportunity toward the $26,700 mark.
On the other hand, if BTC manages to break above $28,500 in the short term, the next immediate target we will be eyeing for it is the $30,000 mark.
However, the bullish move looks unlikely at the moment due to low trading volume. BTC has not seen a spike in volume since it broke above the $25,000 mark last month.
Bitcoin will not be making any bullish moves until we see a spike in the volume here. It is likely that the price will continue to consolidate in the immediate short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still consolidating on the lower timeframes and is struggling to break above the resistance at $28,600 due to low volume. The price has been stuck in the same zone for weeks now, and there hasn’t been any significant movement. However, there seems to be no selling pressure either at the moment, but that can also change once the volume spikes. Right now, we will not be placing any short-term trade 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.