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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently being traded at around $21,800, and its outlook appears to be declining in the short term. Our previous analysis suggested that the price may drop below the $22,400 support level, and this has indeed happened. The $21,500 level is a significant support, and it is being closely monitored at this time. If Bitcoin remains below $22,400 in the coming days, it’s probable that the price will decrease further. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (10-Feb-2023) to see where the price could be headed in the coming days.
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Analyzing the Charts
The support level we are keeping a close eye on for Bitcoin is $21,500, as it was previously acting as resistance before the last price surge.
There is a possibility that the price will bounce from this level and will continue to move in an uptrend in the coming days. If that happens and BTC reclaims $22,400 as support, the target we will need it to conquer is the $24,000 mark.
The $24,000 mark is currently the local top, and a healthy bounce from $21,500 will most likely send the price to retest the local top.
On the other hand, if BTC continues to trade below $22,400 and the bears manage to push the price below $21,500, we will see a further correction for Bitcoin. The immediate support we will be watching for BTC in that scenario is the $20,400 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the support at $21,500 and could go either way in the immediate short term. If the price fails to hold this support in the coming hours, we will be bearish on Bitcoin for the coming weeks. However, if Bitcoin bounces from here, the uptrend will continue, and BTC will be heading towards the major mark at $25,000 once again.
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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