How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading above the $24,000 mark and is looking extremely bullish in the immediate short term. As mentioned in our previous analysis, Bitcoin managed to get above the resistance at $22,400 and met our target of $24,000 with no resistance. Right now, the price is moving in a strong uptrend, and Bitcoin is back on track once again. It is now headed towards the crucial $25,000 mark, which is a level Bitcoin has not been able to break in the past six months. Let’s take a quick look at the Bitcoin Price Prediction Daily (16-Dec-2023) to see where the price will be headed next in the immediate 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 has comfortably broken above $24,000 and is trying to retest the $25,000 mark.
The $25,000 region has significance because it is the level Bitcoin rejected in August last year. That rejection triggered a sell-off, and BTC continued to drop in the following months. We can see the bearish price action if we zoom out to the daily timeframe.
If Bitcoin manages to break above $25,000 and starts closing daily candles above it, the six months long trend will be broken. The price will start moving towards higher targets, and the first region we will be eyeing is around the $28,600 mark.
The $28,600 mark is a crucial area as it has acted as a major support in the past. Reclaiming this level will be a major bullish sign for the crypto market.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $24,000 mark and is looking quite bullish in the short term. Right now, we are waiting for the price to get above $25,000 and give us a confirmation of the uptrend continuation. When that happens, we will be interested in placing another long trade on Bitcoin. However, if the price faces rejection here, we will again be eyeing $24,000 as a small retest, and a bounce is likely.
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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