How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $24,400 mark and is moving sideways on the lower timeframes. As highlighted in our previous analyses, the price has been moving within the consolidation zone between $23,500 and $25,000. Bitcoin is still moving in an uptrend, and it is likely we will see another leg up after some consolidation below the $25K mark. It is also a region that has acted as strong resistance in the past, and breaking above it will be a very healthy sign for the price action. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (23-Feb-2023) to see where the price could be headed in the short term.
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Analyzing the 1-Day Timeframe
If we take a look at the latest 1-day charts, we can notice that the price is forming a higher high and is still moving in a solid uptrend.
That means the uptrend is intact, and the price is still bullish in the short term. The resistance we are watching for BTC right now is the $25,000 mark, and the support it needs to hold on to the 1-day Timeframe is the $21,500 mark.
It is possible that Bitcoin will form a higher low here before continuing towards the upside. That also means that the price could retest the $21,500 region once again.
Once the price starts to gain momentum once again, we can expect it to break above the $25,000 mark. And once BTC closes its daily candle above this level, we will be eyeing our next target, which is around the $28,600 mark.
The $28,600 will likely act as strong resistance as it has also acted as strong support in the past.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading below the resistance at $25,000 and is consolidating on the lower timeframes. The price seems to be struggling to break above $25,000, but the bulls are still holding the region nicely, and we could see the price climb once again. However, it is also possible that BTC could reject this level. In that scenario, it is vital for the bulls to hold the $21,500 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.