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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $30,000 mark and is looking quite bullish on the lower timeframes. After a long consolidation, the price has finally broken above the resistance at $28,600 and is now heading toward higher targets. BTC has been moving within an uptrend since the beginning of 2023, and that trend is still intact. However, as highlighted in our previous analysis, the trading volume is still quite low, and a sell-off is also on the cards in the immediate short term. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (11-Apr-2023) to see where the price is headed in the coming days.
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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 price was forming a symmetrical triangle and did break above it to finally flip the resistance at $28,500.
We can see that the momentum is still bullish, and the price could continue to climb here. If BTC manages to close a daily candle above the $30,000 mark, we will likely see another jump toward the $32,000 mark in the coming days.
The $32,000 region has significance because it is the area that was previously acting as a support during the end of the previous bull market. Bitcoin will likely face a strong rejection here if it meets this level in the short term.
On the other hand, if the price continues to struggle with volume and drops below one again. The first support we will be watching is the $28,500 mark, as it was previously acting as strong resistance.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has finally broken above the $28,600 mark after facing resistance for over three weeks. The price is now looking bullish on the lower timeframes and is hovering around the $30,000 mark. Right now, we have a quite neutral view of BTC as the price could go in a direction in the short term. We will be watching the levels mentioned above closely and will make a move when the price reacts to one of these levels.
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.