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How is Bitcoin (BTC) Looking Today?
Bitcoin is trading at around $23,400 and is displaying positive signs on lower time frames. It has been in a strong upward trend since the start of January, and there haven’t been any significant selloffs. Currently, the price is above the $23,300 level, which was previously seen as resistance. It’s important for Bitcoin to maintain this level in the short term to keep the momentum going. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (30-Jan-2023) to see where the price could be heading in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price is currently retesting the support at $23,300. The price must bounce back from this level to keep the momentum going.
If the price manages to bounce off this level successfully, the next target we will be eyeing for Bitcoin is the $25,000 mark.
The $25K region has significance as it is the area where price previously faced rejection in August last year. It is possible that the bears will try to push the price down from this level. A break above this level could be a strong bullish sign for BTC.
On the other hand, If the price fails to hold $23,300 in the immediate short term, the next level we will be watching is the support at $22,600.
Breaking below $22,600 could be an indicator of a bearish reversal. That is why Bitcoin must hold this level in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $22,300 mark and is trying to hold the support on the lower timeframes. The price has been moving in a strong uptrend for weeks now, and it is possible we will see a correction soon. However, the momentum is also still on Bitcoin’s side, so a retest of $25,000 is looking more likely at the moment. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to make a 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.
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