How is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $27,000 mark and is struggling to stay above it on the lower timeframes. As highlighted in our previous analysis, Bitcoin has been losing momentum for the past few weeks, and it seems likely that the price will break below $27K for good and will head toward lower levels. However, the bulls aren’t completely out of the equation, and this consolidation could also result in a breakout. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (19-May-2023) to see where the price will be headed next in the coming weeks.
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Analyzing the 1-Week Timeframe
If we take a look at the 1-week timeframe for Bitcoin, the first thing we can notice is that the price has been consolidating for the past nine weeks and has not made any significant moves.
Right now, it seems like the price could move out of this zone and might retest the lower levels. If that happens, the first level we will be eyeing for BTC on weekly charts is the $25,000 mark.
However, if we zoom out a little, we can see that the price formed a similar consolidation pattern in February and March. The price also consolidated for weeks in that pattern, resulting in a major breakout.
If the price plays out in a similar fashion in the coming days, the next target we will be eyeing for Bitcoin is the $35,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently struggling to hold the support at $27,000 and is looking bearish on the lower timeframes. However, if we look at the weekly timeframe, we can see that there are some bullish signs as well. It will be interesting to see where Bitcoin will close today. If it manages to stay above $27,000, we can expect further consolidation followed by a bullish move. On the other hand, if it breaks below, it will be a good opportunity for a short trade.
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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