How is Bitcoin (BTC) Looking Today?
At present, Bitcoin is trading just below the $26,500 threshold, indicating a bearish trend in the immediate short term. Our previous analysis emphasized the significance of BTC reclaiming a critical support ($26,500) level to regain momentum. Notably, the price closed below the $26,500 mark yesterday, reinforcing the bearish sentiment for the foreseeable future. As a result, it is probable that Bitcoin will continue its descent in the coming days, potentially leading to a retest of lower levels. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (25-May-2023) to see where the price will be headed in the coming days.
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Analyzing the Charts
If we look at the latest 1-hour charts for Bitcoin, we can first notice that the price is currently retesting the $26,500 mark.
It looks like the price will face rejection here, and the $26,500 will be turned into resistance. The chances of price dropping from here are high, and the next level we will be eyeing for Bitcoin is the $25,000 mark.
The $25,000 mark has acted as both support and resistance numerous times, and we will likely find solid support for BTC here.
On the other hand, if the price somehow manages to reclaim the support at $26,500 in the coming hours, the bulls will try to push the price once again. The next level we will be eyeing for BTC in that scenario is the $27,500 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around below $26,500 and will likely drop further in the coming hours. We are watching the price closely as it retests $26,500 and will be looking for a short opportunity on rejection here. Once the price loses this momentum on micro timeframes, we will be eyeing the $25,000 mark for Bitcoin. On the other hand, if the price breaks above $26,500, our first target will be $27,500.
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.