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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $22,700 mark and is looking extremely bullish on the lower timeframes. As highlighted in our previous analyses, Bitcoin did break above the resistance at $21,500 on Friday. It also managed to meet our bullish target, which was around the $22,600 mark. BTC has been moving in an uptrend for the past few weeks, and the market seems to be heading toward a reversal. If the price continues to move like this in the coming weeks as well, we can also expect the bear market to end. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (23-Jan-2023) to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can notice that the price has been moving in an uptrend for the past few weeks, and bulls are in control of the market. We can also notice that the price is coming to retest the $22,600 mark to flip it into support.
If Bitcoin fails to hold the $22,600 mark in the immediate short term, then the support level we will be watching for it is the previous resistance at $21,500.
On the other hand, if the price retests the $22,600 successfully and flips it into support, we can expect another leg toward the upside. The next level we will be watching in that scenario will be the $23,600 mark.
The $23,600 is also the target for the bull flag that Bitcoin broke out of this weekend. If we see another breakout here, our next target would be around the $25,200 mark. It is a crucial level as it is where we saw the price struggle in July last year.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking quite bullish and could form another leg toward the upside. The price is currently trying to flip the $22,600 mark into support, and once that happens, we will be watching the $23,600 mark closely. If the volume spikes and the price manages to get above $23,600, we will be interested in buying more Bitcoin at this price. However, we will be careful as a correction could also be around the corner.
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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