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How is Bitcoin (BTC) Looking Today?
Bitcoin is trading around the $16,800 mark and is looking quite bearish on the lower timeframes. The price seems to be moving sideways at the moment as BTC is struggling to get above the resistance at $17,000. The past week has been tough for the crypto industry, and we have seen plenty of bearishness for Bitcoin and altcoins. The fear in the market has risen, which has put the bears in control. It is likely that we will see the price drop further in the coming weeks. Let’s take a quick look at the Bitcoin Price Prediction Daily (15-Nov-2022) to see where the price could be headed next in the coming hours.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can notice that the price is currently going back and forth between the $15,900 and the $17,000 mark. It is possible that BTC will consolidate within this zone before making its next move.
If Bitcoin manages to break above the $17,000 mark, then the next level we will be eyeing for it is the $18,000 mark. It is an important level that BTC needs to flip in order to gain some momentum.
On the other hand, if Bitcoin fails to hold $15,900 in the coming hours or days, the next support level we will be eyeing for the crypto giant is the $14,000 mark.
The $14,000 mark was the top for Bitcoin in 2019, and it is likely that the price will find some support there.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $16,800 mark and is still looking quite bearish. The bears seem to be in control of the market, and it is likely that the price will continue to fall in the coming days. Right now, we will be monitoring the price of Bitcoin carefully but will not be placing any short-term trades. We will also be interested in accumulating more Bitcoin at lower levels.
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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