How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $24,000 mark and has not made any significant moves for the past few days. The price has been consolidating below the resistance level of $25,000 for over a week now, and there has not been much volatility recently. The $25,000 mark is a crucial region, and we are closely monitoring this level. In the short term, Bitcoin must break above this level to sustain the momentum it has gained over the past couple of months. Once the price surpasses this zone, we will likely see another breakout for Bitcoin. Let’s take a quick look at the Bitcoin Price Prediction Daily (24-Feb-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The two levels we are currently watching on the 1-hour timeframe are the $25,000 and the $23,500 mark. The $25,000 is a strong resistance level, and we have been eyeing it for a while now. The $23,500 mark is the new support we will be watching in the immediate short term.
Right now, the price seems to be consolidating within this zone. If the price bounces from here once again and the volume also starts flowing, we can expect the price to get above the $25,000 mark. That will be our bullish scenario, and the next target to watch in that instance is the $28,600 mark.
The $28,600 mark is an important level as it has acted as strong support in 2022. There is a good chance Bitcoin will test this level if it breaks above $25,000.
On the other hand, if the price breaks below $23,500 in the immediate short term. The next level we will be eyeing for Bitcoin is the $21,500 mark.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is still trading below the $25,000 mark and could go either way in the immediate short term. Right now, the price is retesting the support at $23,500, and it will be interesting to see whether this level will hold or not. If the bulls manage to sustain the momentum and get above $25,000, we will likely see another breakout for Bitcoin. However, right now, we will not be placing any short-term trade on 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.