How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,500 mark and is still looking bearish on the lower timeframes. The past week was quite bearish for Bitcoin as the price plummeted from the $21K to the $16K region. Bitcoin kept moving between the $18K to $20K region for months, and now it’s finally getting a move on toward the downside. The support level we are currently watching for Bitcoin is the $15,900 mark. We could see the price consolidate above this level before making another move toward the downside. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (14-Nov-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price did bounce from $15,900 previously but faced rejection at the $18,000 mark.
We can see that Bitcoin is now facing resistance at $18,000 on the lower timeframe and must break above it to gain some momentum. It is also possible that the price will move sideways within this zone for the next few days.
If Bitcoin does break above $18,000, we will likely see the price reclaim the $18,600 mark as well. If that happens, things could flip around for BTC once again.
On the other hand, if the trend continues and Bitcoin keeps dropping to the next level, we will be watching for it is the $14,000 mark.
This level has significance as it was the top for Bitcoin in 2019. It is likely that the $14,000 mark will act as support for Bitcoin in the coming days.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $16,500 mark and is struggling to gain momentum. We can see there is a lot of bad news surrounding the crypto industry at the moment, which is also acting as a catalyst for current selloffs. There is a possibility that Bitcoin will drop further in the coming weeks and form new lows before it starts moving back toward the upside.
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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