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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $24,000 mark and is trying to sustain the momentum on the lower timeframes. The price broke out on Wednesday from the $22,400 mark and has looked extremely bullish. Bitcoin managed to break above the $24,000 mark in no time and could also test the $25,000 mark. Right now, BTC seems to be losing some momentum as the price has fallen back below $24,000, and it will be interesting to see how the price will play out in the near future. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (17-Feb-2023) to see where the price could be heading in the coming days.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price has faced strong rejection around $25,000 and has fallen back below $24,000.
The rejection shows that there is selling pressure around the $25,000 region, and it will not be easy for the bulls to get above this level.
The $25K mark is crucial because it was also the region where Bitcoin faced strong rejection in August last year.
If this rejection confirms in the coming week, we could have a potential double-top pattern, and Bitcoin will be looking towards another correction.
In case the price continues to drop here, the first support level we will be watching for Bitcoin is the $22,400 mark. It is the area that was acting as resistance before the major breakout this week.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial level, and it will be interesting to see how it will react to it in the coming hours. It is likely that the price will close below $24,000 by the end of the day, and we will see some sideways movement during the weekend. Right now, we will not be placing any long trades on Bitcoin and will wait for it to retest the $25,000 mark once again.
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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