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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just around the $24,000 mark and is currently testing the support at $23,900. As highlighted in our previous analysis, Bitcoin has been consolidating for the past few days and is currently moving within the zone between $23,900 and $25,000. The price has been moving in an uptrend since the beginning of 2023 and it is likely we will see this momentum continue in the coming weeks. The $25,000 mark is a crucial resistance level and breaking above it will be a strong bullish sign for BTC. Let’s take a quick look at the Bitcoin Price Prediction Daily (22-Feb-2023) to see where the price could be heading in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts, the first thing we can notice is that the price is currently retesting the support at $23,900 and could break below it in the immediate short term.
If Bitcoin fails to hold this level in the coming hours, we will likely see another correction for the crypto giant. The support level we will be eyeing in that scenario is the $22,500 mark which has acted as both support and resistance in the recent past.
On the other hand, if the price bounces from here and manages to get above $25,000 in the coming days, it will be a strong bullish sign for Bitcoin.
We will be aiming for higher targets in that scenario, and the first level we will be watching is the $28,600 mark. It is a region that has acted as major support for BTC in the past.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently hovering around the $24K region and could drop further in the immediate short term. Ideally, we would like to see the price bounce from this region and retest the $25,000 mark again with decent volume. If BTC manages to get above this crucial resistance, we can expect some serious bullishness in the near future. However, right now we will not be placing any short-term trade on BTC and will wait for the price to move out of the current zone.
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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