How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the resistance at $30,200 and is still looking bullish on the lower timeframes. As highlighted in our previous analysis, BTC is currently moving in an uptrend and seems to have broken above another resistance on the micro timeframes. Right now, the next level we are eyeing for Bitcoin is the $32,000 mark. It is an area that has acted as a solid support level for Bitcoin in the past. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (14-Apr-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 1-hour charts, we can notice that Bitcoin is still carrying the momentum from when it broke above $28,600 on Monday and is steadily moving towards higher targets.
Now if Bitcoin continues this momentum in the coming hours, we will see it touch the $32,000 mark. It will be interesting to see how the price will react to this level in the immediate short term, as that could give us an indication of the next move. A rejection here could mean Bitcoin will retest $28,600 once again.
On the other hand, if Bitcoin manages to get above $32,000 and close the week above it, then it will be a bullish sign for the crypto giant. In that scenario, the next target we will be eyeing is the $35,000 mark.
However, a rejection at $32,000 seems more likely at the moment. BTC has been moving in an uptrend for a while now, and we could see it test lower levels for accumulation before it continues the climb.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is now trading above the $30K zone and is still looking bullish on the lower timeframes. The price could continue this trend in the coming hours, but a rejection here seems likelier. We are also approaching the weekend, so there is a possibility we will see BTC drop below the resistance at $30,200 once again. Right now, we will not be placing any short-term trades on BTC and will wait for the price to close over the weekend.
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.