How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading at around $28,000 and has been moving sideways on the lower timeframes. As we highlighted in our previous analysis, the price has been consolidating below the resistance at $28,500 for over a week and is now attempting to gather momentum. This level is a significant resistance point, and it’s probable that BTC won’t break through without a correction. Thus far, there have been no indications of bearishness in the price, suggesting that the bulls remain in control. Let’s take a look at the latest Bitcoin Price Prediction Daily (27-Mar-2023) to see where the price could 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, we can notice that the price is struggling to break above $28,500 but it is also holding the $26,800 mark nicely. This is an indicator that the bulls are still in control and the uptrend is intact.
If Bitcoin manages to break above $28,500 in the immediate short term, the next level we will be watching for it will be the $30,000 mark. It is a crucial level and BTC can face strong rejection here if it goes there without any correction.
However, it is unlikely that Bitcoin will break above $28,500 in the immediate short term. We can expect some correction before BTC continues towards the higher targets.
If we see a correction soon, the next main support we will be eyeing for Bitcoin is the $25,000 mark. An area that has acted as strong resistance in the past.
It is also possible that Bitcoin will test the $30,000 mark before making that correction. It is unlikely that we will get above the $30K zone without any correction in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently consolidating below a crucial resistance level and could continue this movement for the next few days. The price has not made any major moves since breaking above $25,000 and the bulls are simply trying to hold the current level. We are closely watching the $26,800 mark as well because if the price drops below it, a correction is highly likely. We will currently not be buying more BTC and will wait for the correction before making our next move.
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.