How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $26,400 mark and is still looking bearish on lower timeframes. As highlighted in our previous analysis, the price did break below the strong support at $27,000 and is now heading toward the lower level. The price was moving back and forth between the support at $27,000 and resistance at $30,000 for weeks, and BTC has finally managed to break below it. Right now, Bitcoin seems to be struggling to gain any bullish momentum, and further correction is looking likely. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (12-May-2023) to see where the price is headed in the short term.
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Analyzing the Charts
If we switch to the 1-hour timeframe for Bitcoin, the levels we were eyeing yesterday were the $27,000 and the $28,200 mark.
As speculated in our previous analysis, the price did drop below $27,000 after facing rejection at $28,200 and is now heading lower.
The price needs to regain the $27,000 mark in the immediate short term, or we will see a further correction for Bitcoin. Right, now, it seems like BTC will reject $27,000 on the retest and will be heading toward major support at $25,000.
The $25,000 was also the previous resistance BTC was facing in the month of March. It is the level from where Bitcoin broke out last time, and a retest of this area looks highly likely.
The $25K region is also highly likely to act as strong support. If the price does visit this level, a strong bounce-back is also on the cards.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the support at $27,000 and is looking bearish in the immediate short term. It is crucial for BTC to reclaim the support at $27,000 before it closes multiple daily candles below it. If the price continues to stay in this zone longer, it will touch the $25,000 mark soon. A failed retest of $27,000 in the coming hours will also give us a shorting opportunity against Bitcoin.
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.