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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading slightly below the $30,000 mark and exhibits a bullish outlook in the short term. It is currently consolidating below the crucial resistance level of $30,500 and will likely take a breather here before making the next move. Traders have regained their bullish sentiment towards BTC since the release of positive ETF news, causing the concerns surrounding SEC, Binance, and Coinbase to diminish and fear to decrease once again. The current state of Bitcoin is favorable, and there are prospects of witnessing even higher levels in the near future. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (22-June-2023) to see where the price is headed in the coming short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price is currently coming down after facing a rejection at the $30,500 mark.
However, this presents a favorable scenario for price action, as there is a significant likelihood of Bitcoin rebounding from the $29,200 level and retesting the $30,500 region once again.
If the price manages to bounce successfully from the $29,200 mark it is also likely that Bitcoin will break above the resistance at $30,500. Once that happens the next main level, we will be eyeing for BTC is the $32,000 mark. It is an area that has acted as both support and resistance in the past.
On the other hand, if the price fails to find support at $29,200 and continues to drop, the level we would like Bitcoin to hold is the $28,000 mark. As long as the price stays above that the bulls will have control.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is presently hovering around the $30,000 mark, taking a pause before its next upward movement. The current market sentiment is bullish, indicating a favorable likelihood of Bitcoin reaching higher levels in the upcoming days. Our focus is currently on the $30,500 level for Bitcoin, and once the price surpasses it, the uptrend is expected to continue. From this point onwards, we will actively seek potential long trading opportunities in 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.
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