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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $22,000 mark and is looking quite bullish on the lower timeframes. The price has reclaimed the support at $21,500 and has been trading above it since last night, which is a good sign for bullish traders. As mentioned in our previous analysis, the price did break below the $21,500 mark with significant pressure, and BTC went as low as $19,600 before making some recovery. Right now, things are looking green for BTC in the immediate short term. However, a rejection in this zone is also possible, and the trend has not reversed yet. Let’s take a quick look at the Bitcoin Price Prediction Daily (13-Mar-2023) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we look at the latest 4-hour charts for Bitcoin, we can first notice that the price bounced back from the $19,600 mark and is now trading above $21,500.
The $21,500 mark is a level that has a lot of significance, and trading above it is a healthy sign for BTC. However, we can also notice that the price is currently retesting the trendline that was holding the lows previously and is facing some resistance there.
If the price manages to break above this zone with decent volume, the bullish trend will likely resume. The first main target we will be eyeing in that scenario is the $23,800 mark and then the $25,000 region.
On the other hand, if the price faces rejection on the trendline and continues to drop, then not only will the price drop back to $19,600, but the $18,000 region will also be in play once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,000 mark and can go either way in the coming days. The price is still facing resistance around a crucial trendline, and a rejection there is highly likely. If that happens, BTC will fall once again, and we will also be interested in placing a short trade. However, at the moment, we will not be placing any short-term trade and will wait for the price to show a strong reaction.
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.
