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How is Bitcoin (BTC) Looking Today?
Bitcoin is trading just below the $25,000 mark and has been struggling to break above it for the past few days. As highlighted in our previous analyses, BTC is facing strong resistance around the $25K region as this level has acted as pushed the price down in the past as well. Right now, BTC seems to be moving sideways, but it still has not lost momentum on lower timeframes. The uptrend is still intact, and the price could break above $25,000 in the short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (21-Feb-2023) to see where the price could be heading next in the immediate short term.
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Analyzing the Charts
If we look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price is currently consolidating between $24,000 and $25,000.
We can also notice that the price is forming a bullish pennant that could play out in the immediate short term. The structure does not look as strong, but there is a good likelihood of it breaking out.
If this flag-like structure does play out in the near future, we can expect another jump for Bitcoin. Our breakout target in that scenario will be around the $28,600 mark, which is a crucial level that we also highlighted in our previous analysis.
On the other hand, if Bitcoin faces another rejection here and fails to hold the support at the $24,000 mark. The trend could shift on the lower timeframes. The first area we will need Bitcoin to hold in that scenario is the $22,500 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $25,000 region and is going sideways on the lower timeframes. It is possible that the price will consolidate here a little and then move towards the upside. The $25,000 mark is a strong resistance level, and breaking above it won’t be simple for the bulls. However, the momentum is still on their side, and we can expect BTC to continue the uptrend. Right now, we will not be placing any trades on BTC and will wait for it to break above the $25K region.
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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