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How is Bitcoin (BTC) Looking Today?
Bitcoin appears to be performing well and is currently trading at around $22,600. As highlighted in our previous analyses, BTC broke through a resistance point of $21,500 on Friday, meeting the bullish target set around $22,600. The market trend has been upward for a few weeks, which could indicate a bear market reversal. If this trend continues in the coming weeks, it is likely that we will see another bullish run for Bitcoin soon. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (25-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 charts for Bitcoin, the first thing we can notice is some sideways movement. The price has flipped the resistance at the $22,600 mark into support and is holding it nicely.
We can also notice that the price is forming another bull flag on the 4-hour timeframe and could be making another real soon.
A bull flag is a bullish continuation pattern which indicates that the price will continue to climb in the short-term. If this pattern does play out nicely in the coming hours, we can expect the price to hit the $25,000 mark next.
On the other hand, if BTC fails to uphold this structure and breaks below, the next level we will be watching is the $21,500 mark. This region has importance because it was previously acting as resistance for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking quite bullish at the moment and could continue to respect this trend in the short term. The price has struggled to gain this sort of momentum for months now, but we are finally seeing some bullishness for Bitcoin. Right now, we are expecting BTC to test the $22,500 mark and will be interested in buying more Bitcoin as the price breaks out of the flag structure. However, we will also be using a tight stop-loss to be on the safer side.
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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