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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $23,000 mark and has been going sideways for the past few days. As mentioned in our previous analysis, the price bounced nicely from the $22,800 mark and is trying to get above the resistance at $23,500. The past couple of months have been quite bullish for Bitcoin, and we have not seen the trend change for a while now. However, the resistance around the $25K zone will not be easy to break, and a trend reversal here is also on the cards. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (28-Feb-2023) to see where the price will be headed next in the short term.
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Analyzing the 1-Day Timeframe
If we look at the latest 1-day Timeframe for Bitcoin, we can notice that the price is once again heading back towards the $21,500 mark.
However, the price currently seems to be holding the zone around $22,800 and could also bounce back from there, forming another higher low.
If the price bounce from this level with healthy volume, it is likely BTC will break above the $25,000 mark for the first time since last year, and we will see the uptrend continue. Once the price flips the $25K region into support, the next target we will be eying for Bitcoin is the $28,600 mark.
The $28,600 mark is a crucial level which has acted as strong support for Bitcoin in the past. It is possible that BTC will face strong resistance here.
On the other hand, if the price fails to hold the $21,500 mark, the trend will be reversed, and we will see some correction for BTC in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and is trying to break above a crucial resistance level. The price is currently consolidating on lower timeframes and could go either way in the immediate short term. Right now, we will not be placing any trades on Bitcoin and will monitor the price closely. Currently, both bullish and bearish scenario looks possible.
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.