How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $26,800 mark and is still struggling to gain momentum on lower timeframes. The price has been moving around $27,000 for the past week and is struggling to make a move in either direction. Right now, we can see that BTC is trading below the $27,000 mark, but bears are failing to push the price down further. The support zone is still holding for Bitcoin, and the price could once again bounce from this region. However, the longer BTC stays below $27,000, the more likely we are to see a correction. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (22-May-2023) to see where the price is headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can notice that the price has been moving sideways since it broke above the $25,000 mark. It is struggling to break above the resistance around the $30K region and is currently holding the $26,500 mark as support.
Now if the price continues to hold this support and goes for another retest of $30,000, it is likely BTC will break above this crucial resistance level. The next major target we will be eyeing in that scenario is the $35,000 mark.
On the other hand, if Bitcoin fails to gain momentum here and drops below its current support level, the next area we will be watching is the $25,000 mark. It is not further from where BTC is currently trading, and there is a high chance Bitcoin will bounce from the $25,000 mark once it retests it.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below $27,000 but is nicely holding the $26,500 mark. The bears have been trying to push the price down since last week, but the bulls are able to absorb that pressure. We are observing the price closely and will be eyeing the support at $26,500. If the price closes a few 4-hour candles below $this level, we can expect a sell-off towards the $25,000 mark. However, a strong bounce from here is also possible.
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.