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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $25,000 mark and is still looking quite bullish on the lower timeframes. The price has been going parabolic for the past few days, and we can expect this trend to continue. As mentioned in our previous analysis, Bitcoin managed to get above the major resistance at around $25,000 and stayed there for several hours. Right now, it’s trading slightly below it, but the bulls are still trying to push the price above. Let’s take a quick look at the Bitcoin Price Prediction Daily (15-Mar-2023) to see where the price could be headed in the immediate short term.
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Analyzing the 1-hour Timeframe
If we take a look at the 1-hour Timeframe for Bitcoin, the first thing we can notice is that the price broke above the $25,000 mark for a while but then dropped again. It is currently holding the support at $23,800.
Not much has changed in terms of speculation as far as we are concerned. It is likely that the price will manage to flip the $25,000 mark into support, and once that happens, we will be bullish on BTC.
The next main target we will be eyeing in that scenario during the coming week is the $28,500 mark. It is an area that has acted as strong support in the past, so we can expect some resistance here this time.
On the other hand, if the price continues to consolidate here (which is also likely in the immediate short term), we would want the $23,8000 mark to hold. If the price breaks below this level, bears might start to gain control once again, and the first support we will be eyeing is the $21,500 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around $24,500 and is trying to break above $25,000 once again. Right now, the price is consolidating on the micro timeframes, and it is possible that it is taking a breather before breaking the $25K region connivingly. Once that happens, we will be interested in accumulating more Bitcoin and will be eyeing the $28,500 region. A rejection here is looking unlikely at the moment.
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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