How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $28,000 mark and is looking extremely bullish in the immediate short term. As speculated in our previous analyses, the price did continue the uptrend and managed to meet our target of $28,500. Since the beginning of 2023, BTC has been looking quite bullish and seems to have broken out of the downtrend it followed throughout 2022. The bear market has lasted for a while, but things seem to be changing now. If the current momentum continues, we can soon see BTC back in the bull market. Let’s take a quick look at the Bitcoin Price Prediction Daily (20-Mar-2023) to see where the price could be headed in the short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price has met our target of $28,500 and is currently facing some resistance there.
The $28,500 is a crucial level because it was the support Bitcoin was using last year before it crashed. Once the price dropped below $28,500 in June last year, BTC went below $20,000 in a matter of days.
It is highly likely now that the price will face rejection at this level and will at least retest previous supports before making another bullish move. The main support level we are eyeing for BTC here is the $25,000 mark.
The $25,000 mark has acted as strong resistance in the past on multiple occasions. It is likely that if we see a small correction here, the bulls will try to hold this mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $28,000 mark and is looking extremely bullish in the short term. The price has met our target of $28,500 already, and there is a possibility that Bitcoin will face a rejection here. If a strong rejection does happen here, we will be interested in placing a short trade towards the $25,000 mark. However, right now, we will not be placing any immediate trade 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.