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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around $21,700 and is facing difficulty in gaining momentum on the lower timeframes. It has been consolidating above the support level of $21,500 for the past four days, attempting to bounce from this critical zone. The primary resistance level to watch is still at $22,400, and for BTC to gain momentum once again, it needs to surpass this level. Let’s quickly examine the latest Bitcoin price prediction as of February 14th, 2023, to determine where the price is expected to go in the short term.
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Analyzing the 1-hour Timeframe
If we take a quick look at the latest 1-hour Timeframe for Bitcoin, we can notice that the price is forming lower highs and is struggling to gain momentum at the moment. We can also notice the immediate resistance of $21,900 and how the price has been struggling to get above this level.
If Bitcoin fails to get above the $21,800 mark in the immediate short term, it is likely that the price will continue to lose momentum. If that happens, BTC will drop below $21,500, and we will likely see another correction on the lower timeframes.
The support we will be eyeing next in that scenario is the $20,400 mark. It is an area that has acted as both support and resistance in the past.
On the other hand, if Bitcoin manages to get above $21,900, it is likely we will see it retest the resistance at $22,400. It will be interesting to see how the price will react to that level. Breaking above $22,400 could reverse the trend once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around a crucial support level and could drop further in the immediate short term. The price has been struggling to bounce back from $21,500 at the moment. If BTC breaks below this level, further correction is on the cards. Right now, we will not be placing any trade on Bitcoin and will wait for the price to move out of the current zone.
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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