How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading above the support at $27,000 and is again looking a bit bullish in on the micro timeframes. As highlighted in our previous analysis, Bitcoin is now struggling to hold the support at $27,000, and if it manages to stay above this by the end of the day, it will be a good sign for the price action. The $27K region has plenty of significance as it is the area that has been held for the past month. Once the price breaks below it with healthy volume, a corrective move towards the $25,000 is highly likely. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (18-May-2023) to see where the price will be headed next in the short term.
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Analyzing the Charts
If we look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price is still trading within the zone between $27,000 and $30,000.
BTC has been respecting this zone since last month, and the price is struggling to move out of it. The coming week could be crucial for Bitcoin because if the price fails to hold the $27,000 mark, this zone will finally be broken, and BTC will retest the $25,000 mark.
On the other hand, if Bitcoin manages to hold the $27,000 mark and starts to gain momentum, we could see another retest of the $3K zone. The moves seem unlikely at the moment, but if the retest does happen, there is a high chance Bitcoin will break above $30,000 this time.
The next target to eye in that scenario is the $35,000 mark. It is an area that has acted as both support and resistance in the past.
Conclusion: What is Next for Bitcoin (BTC)?
Right now, Bitcoin is trading above the $27,000 mark and is trying to gain bullish momentum on lower timeframes. The price is once again aiming for strong resistance at $30,000, and it will be interesting to see how whether it will be able to retest or not. This week is crucial because if Bitcoin fails to break above $30,000 in the coming days, a significant correction is on the cards. Right now, we will not be placing any short-term trades on Bitcoin.
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.