How is Bitcoin (BTC) Looking Today?
At present, Bitcoin is trading at approximately $27,000, displaying a period of relative price stability devoid of major fluctuations in recent weeks. Over the past week, the cryptocurrency has remained consolidated around the $27K mark, with bears struggling to drive the price below the established support level of $26,500. Throughout the last month, our attention has been drawn to the $30,000 region as the primary resistance level for Bitcoin. This price zone has consistently rejected upward movements, prompting Bitcoin to consolidate beneath it for an extended period. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (23-May-2023) to see where the price could be headed in the coming days.
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Analyzing the 1-hour Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price is holding the support at $26,500 and is bouncing back from it nicely.
The resistance level we are watching for BTC in the immediate short term is the $27,500 mark. We can notice that the price is rejecting this level on lower timeframes, and the bulls will have to push a little to break above it.
Also, if the price does manage to get above this level, it will be a bullish sign in the immediate short term. The next level we will be eyeing for Bitcoin in that scenario is the $28,600 mark.
On the other hand, if BTC continues to reject $27,500 and the selling volume increases, the price could also break below the support at $26,500. The next area to watch in that scenario will be the $25,000 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still trading around the $27,000 mark and is moving sideways on the daily timeframes. The price has been struggling to break out of this zone between $26,500 and $30,000. BTC has been consolidating within this zone for a while now, and we won’t see a major move unless the price closes at least a couple of daily candles outside of this zone. Right now, we will be observing the levels closely and will create our trades accordingly.
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.