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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the resistance at $28,500 and is still moving sideways on the lower timeframes. As highlighted in our previous analyses, BTC has not moved much since it broke above $26,800 ten days ago and is consolidating on the lower timeframes. The resistance at the $28,500 mark has significance because it was the support level Bitcoin lost last year before the sell-off towards the $20,000 region. A correction here is also possible, as this level will require a real push from the bulls to break. Let’s take a quick look at the Bitcoin Price Prediction Daily (29-Mar-2023) to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, the first thing we can notice is that the price did bounce from the $26,800 mark once again and is currently retesting the $28,500 mark.
If the price manages to get above this level in the coming hours, the next target we will be eyeing for Bitcoin is the $30,000 mark.
However, we can also notice that the volume is quite low, and that indicates we might not see another breakout anytime soon. Another rejection at this point looks highly likely at the moment.
If Bitcoin fails to hold the support at $26,800 here after another rejection, it is likely we will see some correction. The main support we will be eyeing in that scenario is the $25,000 mark. It is an area that the bulls will try to hold at all costs to preserve the momentum.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving sideways on the lower timeframes and could continue this movement in the immediate short term. Right now, we can notice that the volume is low, which means it is unlikely we will see a breakout here. However, if we do see the price reject this level, we will be interested in a shorting opportunity. The $26,800 mark will likely be retested, and the price could break below it as well.
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.
