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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $24,700 mark and has been going sideways for the past couple of days. The price did spike dramatically on Tuesday and managed to touch the $26,000 mark but was unable to flip the $25,000 mark into support. Right now, the price is consolidating nicely below the $25K zone and could make another major move in the near future. We have also seen a lot of volatility for BTC this month, and it won’t be surprising if the price fluctuates once again. Let’s take a quick look at the Bitcoin Price Prediction Daily (16-Mar-2023) to see where the price could be headed next in the coming days.
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Analyzing the 1-Day Timeframe
Bitcoin is currently trading around the $24,700 mark and is consolidating below the resistance at $25,000.
The $25,000 is a major resistance area, and BTC needs to flip into support on the 1-day timeframe to continue the trend. The current support we are watching for BTC is the $23,800 mark which has also acted as resistance in the past.
Once the price manages to get above this level and closes multiple candles above it, we will have the confirmation for a trend continuation. The next target we will be eyeing in that scenario is the $28,500 mark.
On the other hand, if BTC breaks below the $23,800 mark, the support level we will be eyeing is the $21,500 mark.
The $21,500 has acted as strong support in the past, and BTC will likely hold this level if we see another sell-off.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial resistance level and will likely continue the uptrend in the coming days. We are watching the $25,000 mark, and if BTC closes multiple daily candles above this level, we will be interested in accumulating more Bitcoin. Right now, we will not be placing any short-term trades on BTC and will wait for it to give us a confirmation.
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.
