How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $21,300 mark and is moving sideways on the lower timeframes. As mentioned in our previous analyses, the price has gained plenty of momentum over the past couple of weeks and the bulls are seemingly in control once again. Bitcoin has been moving in a strong bearish market since last year and it will be interesting to see whether the trend will reverse early in 2023 or not. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (18-Jan-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price is currently consolidating under the resistance at $21,500.
The $21,500 mark is a crucial resistance level because BTC faced strong rejection here a couple of months ago. We can also notice that the current support, the price is respecting on the 1-hour charts is the $20,500 mark.
If the price manages to break out once again, the next level we will be eyeing for Bitcoin is the $22,600 mark.
On the other hand, if the price fails to break above this level once again and faces a rejection here, the next support level we will be eyeing for Bitcoin is the $19,000 mark.
The $19,000 region has significance because it did recently act as resistance on the lower timeframes. We can expect the price to hold this level if it rejects $21,500.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a crucial resistance mark and could go either way in the short term. It is likely we will some more sideways movement for Bitcoin before it makes another move. Right now, we will not be placing any short-term trade on Bitcoin and will wait for the price to move out of the consolidation zone highlighted above.
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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