How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $30,000 mark and is looking quite bullish on the lower timeframes. The price is gaining solid momentum and is again looking to flip the $30K region into support. As highlighted in our previous analysis, BTC has been moving in a strong uptrend for the past few months and has only made a few corrective moves since the beginning of 2023. It is possible we will see this momentum continue, and Bitcoin will be aiming toward higher targets in the coming days. Let’s take a quick look at the Bitcoin Price Prediction Daily (18-Apr-2023) to see where the price could be headed next in the short term.
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Analyzing the 1-Day Timeframe
If we switch to the 1-day timeframe for Bitcoin, we can first notice the bullish structure that played out on the 10th of April. BTC met the target of that bullish pennant nicely and is cooling down a bit before making its next move.
Things are looking quite bullish for Bitcoin on the micro timeframes, so if the momentum continues, we will see Bitcoin move toward the higher target. The first level we are eyeing for BTC right now is the $32,000 mark.
On the other hand, if Bitcoin faces another rejection here, it will most likely retest the $28,600 mark. It is crucial for Bitcoin to hold this level in the event of rejection because if bulls lose momentum, a retest of the $25,000 mark is also possible.
However, the bullish scenario looks likelier at the moment as Bitcoin seems to be gaining strong momentum on the lower timeframes.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading around the $30,000 mark and is heading toward the $32,000 region. The trading volume is still low, but we have not seen much selling pressure for Bitcoin in the past few weeks. It is possible that Bitcoin will now get above $30,000 and will continue the uptrend. We will wait for the price to flip the $30K region into support before making our next move.
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.