How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading at approximately $26,000 and is displaying bullish tendencies in the immediate short term. The price has successfully broken through the major resistance level of $25,000 and has already closed multiple 4-hour candles above it, indicating strong momentum. As we predicted in our previous analyses, BTC is now poised for a bullish move. However, it is essential that today’s candle closes above the $25,000 mark for it to become a solid support level. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (17-Mar-2023) to see where the price will be headed next in the short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, the first thing we can notice is that the price has just broke above a crucial level. There was some resistance around the $26,000 mark when BTC tried to break above $25K a few days ago. Right now, BTC seems to have broken above the $26,000 mark as well.
As the price continues this momentum, the next target we are now eyeing for Bitcoin is the $28,5000 mark. The uptrend looks strong, and we will likely see BTC touch this level in the coming week.
The $28,500 mark has significance because it is an area that Bitcoin previously held as support last year before breaking down towards the $25,000 mark.
Once the price touches this mark, a temporary rejection is likely. We are currently seeing it as a good take-profit target if we enter a leveraged trade.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has been trying to break above the $25,000 mark for a few weeks now and has finally managed to do so. As highlighted in our previous analyses, the $25,000 mark is also the main resistance BTC needs to flip into support. It is the area that BTC has struggled to get above since August last year, and now breaking above it means there is a higher high on the macro charts. Right now, we are quite bullish on BTC and will be interested in accumulating more over the weekend.
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.