How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $28,000 mark and has been consolidating on the lower timeframes. The price has been moving sideways for the past few days as BTC attempts to break above the resistance at $28,500. As we noted in our previous analysis, the breakout above $25,000 was a strong bullish signal for BTC, and the next challenge it faces is in the $28,500 to $30,000 range. A correction at this point is likely, and we can expect BTC to dip to lower levels before continuing the upward trend. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (24-Mar-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 1-hour charts, we can notice that the price has been trying to break above $28,500 for the past few days.
We can also notice that the price has found some temporary support around $26,800 and has not moved below it despite rejection at $28,500 for the past week.
As long as the price is trading above this support, we are expecting BTC to make a bullish move. The target we are eyeing for Bitcoin in the short term is the $30,000 mark.
On the other hand, if the price moves below this immediate support, we can expect a correction for Bitcoin. The support region we would like BTC to hold in case of correction is the $25,000 mark.
The $25,000 mark has significance because it is the area that was previously acting as strong resistance for Bitcoin and won’t be easy to break for the bears.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has not moved much this week and has been hovering around the $28,000 region. Right now, we are expecting the price to face rejection at $28,500 and move towards the $25,000 region. A retest of $25,000 is likely and will be healthy for the price action. When the price bounces from $25,000, that level will be confirmed as support, and bulls will be able to continue the uptrend once again. We will not be placing any scalp trade on BTC at the moment.
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.