How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around just above the $25,000 mark and is looking extremely bullish in the immediate short term. The price has exhibited significant volatility over the past few weeks, with both bulls and bears fighting hard to sway the market in their favor. Additionally, there has been a surge of recent news, primarily concerning Silicon Valley Bank, that has added to this volatility. At present, the bulls seem to have regained control, and we anticipate that the upward trend will persist in the days ahead. Let’s take a quick look at the Bitcoin Price Prediction Daily (14-Mar-2023) to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a quick look at Bitcoin, the first thing we can notice is that it has flipped the resistance at $23,800 into support. The $23,800 was a crucial resistance level, and breaking above it is healthy for the price action.
We can also notice that the price has shot above the $25,000 mark, and it is a major resistance level. However, BTC has not closed any 4-hour or even 1-hour candles above this level yet, and It will be interesting to see what will happen in the near future.
Bitcoin has also broken above the trendline resistance of previous lower lows that we mentioned in our previous analysis. Breaking above this resistance is also a strong bullish sign for Bitcoin.
Now if the price manages to flip the $25,000 mark into support by closing multiple daily candles above it, we can expect serious bullishness in the near future as well. The next main target we will be eyeing in that scenario is $28,500.
The $28,500 mark has significance because it was the support zone BTC lost before falling to $25,000. We will likely see resistance around this mark in future.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is now trading above $25,000 and will likely flip this level into support soon. We did see a big bearish move for the crypto giant a few days ago, but things are falling into place once again. The buying pressure seems to be quite high at the moment, and the bullishness will likely continue in the coming weeks. We will be interested in placing a long trade on BTC once it flips the $25,000 mark into support.
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.