How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $30,600 mark and seems to be heading towards the resistance at $31,300 once again. As highlighted in our previous analysis, the price has been trading within the same consolidation zone for the past three weeks and is going back and forth between the support at $30K region and the resistance at $31,300. We did see the price bounce once again from the $30,000 mark on Monday and BTC is climbing slowly on lower timeframes for the past two days. It will be interesting to see how the price will react to the resistance at $31,300 this time as BTC seems ready to move out of the current consolidation zone. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (12-Jul-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, the first thing we can notice is that the price is reaching out to retest the $31,300 mark after bouncing from $30K region once again.
If the price manages to break above the resistance this time, then the next level we will be eyeing in the short-term is the $32,000 mark.
The price has tested this resistance several times already and could end up breaking it this time if the volume keeps flowing.
On the other hand, if BTC faces another rejection here, another retest of $30K zone will be on the cards, and we might even see further correction. If BTC fails to hold $29,800 mark on next retest, then the next support level we will be aiming for BTC is the $28,500 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $30,700 mark and is trying to resume the uptrend on the daily timeframe. The price has been consolidating within the same zone for weeks now, but we might see BTC move out of this zone soon. Right now, we are closely watching the resistance at $31,300 mark and it will be interesting to see how price will react to this level in the immediate short term.
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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