How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $27,000 mark and is gaining momentum on the lower timeframes. As highlighted in our previous analysis, BTC needed to reclaim support at $27,000 to gain momentum, and it has successfully done so. Right now, Bitcoin is attempting to hold this crucial support level, and if it manages to close another daily candle above it, things will start looking bullish once again. There has also been a lot of volatility lately, and BTC is making unpredictable moves on lower timeframes. Let’s take a quick look at the Bitcoin Price Prediction Daily (15-May-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 look at the latest 4-hour charts for Bitcoin, we can notice that the price did stay below $27,000 for a couple of days but was able to bounce from the $26,200 mark.
Now as the price has bounced and is back above $27,000, the first resistance we are eyeing for Bitcoin is the $28,200 mark. It is the area where the price faced rejection a few days back, and breaking above it will be a solid bullish sign.
Once BTC manages to get above this resistance and shows bullishness on the lower timeframes, the next target we will be eyeing is the $30,000 mark. It is a crucial level that has kept the price low for weeks, and another retest could weaken this resistance.
Bitcoin has been struggling to surpass this level since April, but if we witness another retest with significant volume, we can anticipate a potential breakthrough above it.
Conclusion: Where is Bitcoin (BTC) Headed?
Right now, Bitcoin is trading above the $27,000 mark and is trying to gain bullish momentum on lower timeframes. The price is once again aiming for strong resistance at $30,000, and it will be interesting to see how BTC will react this time. This week is crucial because if Bitcoin fails to break above $30,000 in the coming days, a significant correction is on the cards. Right now, we will not be placing any short-term trades on Bitcoin.
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.