How is Bitcoin (BTC) Looking Today?
Currently, Bitcoin is trading slightly above the $22,000 level and showing signs of picking up steam on shorter timeframes. Our previous analysis pointed out that Bitcoin is attempting to rebound from its support level of $21,500, which it must maintain to sustain its upward trend in the near future. If the price manages to successfully rebound from this support level, we can anticipate the upward trend to resume. However, if the price drops below $21,500, we will see a further correction for BTC. Let’s take a quick look at the Bitcoin Price Prediction Daily (15-Feb-2023) to see where the price could be headed in the short term.
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Analyzing the Charts
If we take a quick look at the latest Bitcoin charts, we can first notice that the price is about to retest the $22,400 mark. It is a crucial level that Bitcoin previously held as support, and the price must get above this level to gain some momentum.
If Bitcoin fails to flip this level into support again, the price will gain some momentum and will likely retest the $24,000 mark.
The $24,000 mark is the region where the price faced rejection earlier this month. Once Bitcoin manages to break above this level, we will be heading towards our main target around $25,000.
On the other hand, if the price faces rejection here, Bitcoin will likely lose support at $21,500. The next level we will be watching in that scenario is the $20,500. It is an area that has acted as both support and resistance in the past.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently retesting the $22,400 mark and could go either way in the immediate short term. If the price manages to get above this level and closes the daily candle above it, we can expect the uptrend to continue. However, if Bitcoin faces rejection here, it is likely we will see another correction for the crypto giant soon.
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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