How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just above the support at $26,800 and is still consolidating on the lower timeframes. The price has not moved much in the past week, and BTC is currently taking a breather after that huger breakout above the $25,000 mark. Right now, we are closely watching the resistance at $28,500, which was our previous breakout target. It is the area that has acted as strong support in the past, and right now, BTC is facing strong resistance here. The bulls will have to push harder to break above this level and continue the uptrend. Let’s take a look at the Bitcoin Price Prediction Daily (28-Mar-2023) to see where the price will be headed in the coming days.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can notice that the short-term support ($26,800) we highlighted in our previous analysis is holding the price nicely.
We can also notice that BTC was forming a symmetrical triangle on the 1-hour charts and broke below it last night.
This also shows that the price is getting a little bearish, and if the trend continues on micro timeframes, we will be heading toward the correction we talked about in our previous analysis.
If the price does break below $26,800 in the short term, we can expect a sell-off towards the $25,000 mark.
The $25,000 mark has plenty of significance, and bulls will try to hold this level at all costs. It is also the level that acted as resistance for months, and now BTC has flipped it into major support.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin has not moved much in the past week, but the price seems to be hinting at a correction. Right now, Bitcoin is holding the $26,800 mark, and if it breaks below it, we will likely see a retest to the $25,000 region. A correction here will still be healthy for the uptrend, and we can expect BTC to bounce from the $25K region. Right now, we will be observing the price closely and will place our trades accordingly.
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.