How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the $21,000 mark and is still looking bullish on the lower timeframes. As mentioned in our previous analysis, the price has gained solid momentum over the last week, and things are once again moving in a positive direction for BTC. Right now, the resistance level Bitcoin is facing is around the $21,500 mark. The price is currently consolidating below this level and could breathe here for a few days before making its next move. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (17-Jan-2022) to see where the price will be headed in the immediate short term.
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Analyzing the Charts
If we take a quick look at the 1-day timeframe, we can notice that the price has closed multiple candles above its previous resistance at the $20,500 mark. Bitcoin is now trading above that crucial level and is trying to get above the new resistance at $21,500.
Also, if we zoom out a little, we can notice that the price did face strong rejection around this resistance in November.
Another rejection here is also possible; if that happens, the support level we will be eyeing on the 1-day timeframe is the $20,000 region.
On the other hand, if the price continues to consolidate and breaks out again in the coming days, the next level we will be targeting is the $22,600 mark.
It is an area that has acted as both support and resistance in the past, so we can expect BTC to face resistance here next.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading just below the resistance at $21,500 and could go either way in the short term. Right now, the volume seems to have dropped a little, so we can expect some sideways movement in the coming hours. We won’t be placing any trades at the moment and will wait for the price to react to the above-mentioned 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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