How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading above the resistance at $17,000 and is looking quite bullish in the immediate short term. Since last month, things have been quiet for Bitcoin as the price was struggling to get above the $17K region. Right now, BTC is trading around $17,200 and will likely gain more momentum in the coming days. The price is now holding the $17,000 mark as support, and it will be interesting to see how the price will react to it on a retest. Let’s take a quick look at the Bitcoin Price Prediction Daily (10-Jan-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the next resistance the price is facing is around $17,400. It is an important level as we have seen it act as both resistance and support in the recent past as well.
Once the price breaks above this level, the next target we will be eyeing for Bitcoin is the $18,000 mark. It is a region of utmost importance as Bitcoin used this zone as the bottom for most of 2022.
However, we might not see Bitcoin jump to the $18,000 mark in the immediate short term. It is likely that the price will form another higher low and will then move toward the $18K region.
It is also possible that Bitcoin will break below $17,000 once again before heading toward the $18,000 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $17,200 mark, and we could expect it to jump higher in the coming days. The price has been pretty stagnant for the past several weeks, but we can expect some upside movement this month. Right now, we are interested in buying more Bitcoin and are targeting the old major support zone of $18,000. The $18K region will likely act as strong resistance this time.
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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