How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $30,000 mark and is still moving sideways on the lower timeframes. The price did not move much over the weekend and is still consolidating within the same zone. However, we can notice that the price is currently retesting the support at $29,700 and is trying to bounce back from this mark to continue the bullish trend. BTC has been moving in a solid uptrend since the beginning of 2023 and has only made corrected moves a few times. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (17-Apr-2023) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we zoom in a little and take a look at the latest 1-hour charts for Bitcoin, we can notice that Bitcoin is again trading below the resistance at $30,200.
With this move, it will now be interesting to see how the price will react to the $29,700 mark. If Bitcoin pushes below it in the next 24 hours, we will likely see a correction for the crypto giant.
Once the price breaks below this support, the next level we will be eyeing for Bitcoin is the $28,600 mark.
The $28,600 mark has significance because it acted as strong support for Bitcoin in the past. The bulls will try to hold this level strongly in case of a selloff.
On the other hand, if Bitcoin manages to bounce back nicely from the $29,700 mark and gets back above $30,200 once again. The first target we will be eyeing for it is the $32,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within the same zone it was respecting during the weekend and is still trying to reach higher targets. Right now, we are waiting for the price to react to the $29,700 mark and will make our next move accordingly. A jump toward $32,000 is possible, but a correction toward $28,600 is also likely. We haven’t seen BTC do any corrections lately so it seems more likely 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.