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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $27,400 mark and is showing some volatility on the micro timeframes. As highlighted in our previous analyses, BTC is currently trading within the same consolidation zone it has been respecting for the past few weeks and is struggling to break out of it. It is crucial for Bitcoin to break above the $30,000 mark in the next few days, as further consolidation will be a bearish sign for the market. Right now, the price is sitting just above the support at $27,000 and could break below it at any time. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (11-May-2023) to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price did bounce after retesting the support at $27,000 but was unable to sustain the momentum on its way upward.
The price faced rejection at $28,200 and seems to be heading to retest the support at the $27,000 mark. It is possible that the price will break below this crucial support level, and we will finally see that corrective move we have been speculating on for the past few weeks.
In case the support breaks, the next level that we will be eyeing for Bitcoin in the short term is the $25,000 mark.
On the other hand, if BTC manages to get above $28,200 once again, we can expect another retest of the crucial resistance at the $30,000 mark. However, that scenario looks less probable at the moment.
Conclusion: Final Verdict on Bitcoin (BTC)?
Bitcoin is still trading within the same zone it has been respecting for the past few weeks and could move out of it in the next few days. The price is struggling to gain momentum, and there is a possibility that we will see it break below the $27,000 mark. If that does happen, we will be interested in placing a short trade on Bitcoin and will be eyeing the $25,000 mark.
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.