How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $23,500 mark and gaining momentum on the lower timeframes. As mentioned in our previous analysis, BTC had consolidated above the $23,500 mark but broke below it on Friday. It found support around the $22,800 mark and bounced nicely from this level. Currently, BTC is retesting the $23,500 region as resistance, and it will be interesting to see how things will play out. Let’s take a quick look at Bitcoin Price Prediction Daily (27-Feb-2023) to see where the price will be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, the first thing we can notice is that the price had a nice reaction to the $22,800 mark and bounced nicely. It is a region with high volume, and the bulls won’t let go of this level easily.
Right now, the price is retesting the $23,500 mark, and it is possible that Bitcoin will break above it in the short term.
However, it is also likely that BTC will face resistance at $24,000, and if the trading volume does not increase, we can also see a strong rejection here.
We can also notice that the trading volume has been dropping for the past few days, and if it doesn’t recover, a reversal is possible.
We can also notice that the $22,800 mark is a crucial level as not only it’s the support where volume flew in last time, but it is also the 0.6 level on Fibonacci from the previous local bottom to the current top.
The price must hold this level in the immediate short term to gain some more bullish momentum on lower timeframes.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently retesting the $23,500 mark and is looking bullish on the lower timeframes. However, the price seems to be losing some steam as the volume is also decreasing. Right now, it is possible that BTC will retest the $24,000 region. However, if the price faces rejection there and volume is low, we can expect Bitcoin to make a significant move towards the upside. We will also be interested in shorting BTC if the price breaks below $22,800 convincingly.
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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