How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $29,300 mark and is struggling to gain momentum on the micro timeframes. As highlighted in our previous analysis, BTC is still trading below the $30K region and is struggling to break above the resistance at $30,400. The price has not moved much since last week, and just like the last month, BTC is moving quite slowly on the lower timeframes. It is crucial for Bitcoin to break above $30,400 in the next few days, or the bulls will start losing momentum. The uptrend has been intact for a while now, and it will be interesting to see whether Bitcoin will correct or not before breaking above the $30K region. Let’s take a quick look at the Bitcoin Price Prediction Daily (19-Apr-2023) to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price has been looking bearish for the past few hours and is heading toward support at $28,600.
How the price will react to the $28,600 mark will be interesting to see. It is vital that BTC holds this level as it was previously acting as strong resistance. Getting a healthy bounce from here could be a strong bullish sign for Bitcoin.
If that happens, we can expect the price to bounce from here and break the resistance at $30,400. The next level we will be eyeing in that scenario is the $32,000 mark.
On the other hand, if BTC fails to hold the $28,600 mark in the coming days, a long due correction is likely. In that scenario, we will be eyeing the $25,000 mark. It is possible that Bitcoin will revisit this level before continuing toward the upside.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading with the same zone it has been respecting for the past week but seems to be gaining some bearish momentum. Right now, the main level we are eying is the $28,600 mark. It is an important region because it was previously acting as strong resistance. We will now wait and see how the price will react to this level. A nice bounce from here could be a good sign, and we will be looking to long BTC from there.
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.