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How is Bitcoin (BTC) Looking Today?
At present, Bitcoin is trading around the $27,800 mark, indicating bullish tendencies on the lower timeframes. Over the past month, the price has maintained a consolidation zone, exhibiting limited volatility. Despite facing obstacles in surpassing the $30,000 resistance level, Bitcoin has demonstrated strong support at $26,500. As long as the price remains within this range, we can expect the ongoing sideways movement to persist. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (29-May-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 4-hour charts for Bitcoin we can see that the price did drop below $26,500 last week but BTC was able to reclaim this level with no hassle.
The first level we are watching for Bitcoin right now is the $28,500 mark. The price is again trading back above the $27K zone and we have seen the price react to the $28,500 level in the past. If BTC manages to break above this level in the short term, a retest of $30K is highly likely.
It is also likely that the price will break above the resistance at $30,000 when it retests it once again.
On the other hand, if BTC faces rejection here once again and loses the support at $26,500. The support we will be eyeing is still the $25,000 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is trading back above the $27K region and could be heading to retest the $30K mark once again. Right now, we are watching the $28,500 mark and are observing the price closely. Once BTC gets past this level a retest of $30,000 is highly likely. We will be interested in a long trade here if the price closes multiple hourly candles above the $28,500 mark.
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.