How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $28,000 mark and is going sideways on the lower timeframes. The price is currently looking bullish on the macro timeframes and BTC is moving in an uptrend since the beginning of 2023. As highlighted in our previous analysis, the level we are currently watching for Bitcoin is the $28,500 mark. It is the area that has previously acted as strong support for Bitcoin, and the bulls will have to push hard to get above it in the short term. Let’s take a quick look at the Bitcoin Price Prediction Daily (21-Mar-2023) to see where the price is headed in the coming days.
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Analyzing the 1-hour Charts
If we look at the 1-hour timeframe for Bitcoin, we can notice that it is trying to break above the $28,500 mark. The price is trading slightly below this region and the buyers are trying to hold this zone.
We can also notice that the price is forming higher lows here which is a bullish sign. The pattern is also forming an ascending triangle and it could play out in the coming hours.
If this pattern does play out in the immediate short-term, we can expect Bitcoin to make a jump and touch the $30,000 mark.
However, the $28,500 region is a major level of resistance, and it won’t be easy for the bulls to break above this level. There is also a decent chance that the price will continue to consolidate here for a few days and will make a move toward the downside afterward.
The main support level we would like BTC to hold in that scenario is the $25,000 mark. It is the area that previously acted as major resistance.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below a crucial resistance level and is still showing bullishness on the lower timeframes. However, the price seems to have been moving in a strong uptrend for a while now and there is a possibility, we will see some correction before further continuation. Right now, we will not be placing any short-term trades on BTC and will wait for the price to react to the $28,500 mark.
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.