How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading below the $28,500 mark and is still consolidating on the lower timeframes. As we noted in our previous analysis, BTC did briefly break above $28,500 on the lower timeframes yesterday, but it was unable to maintain that level. Trading volume has been low for the past week, and there hasn’t been enough momentum for the bulls to flip the $28,500 mark into support. Given the ongoing sideways movement, it’s highly likely that the price will retest the support at $26,800 in the coming hours. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (31-Mar-2023) to see where the price could be headed next in the coming days.
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Analyzing the 1-Day Timeframe
If we look at the latest 1-day charts, we can notice the same thing mentioned above. The price is currently moving back and forth between the $28,500 and $26,800 mark.
We can also notice that the price is forming a bull flag on the 1-day timeframe that still has not played out.
A bull flag is a potential bullish pattern that indicates that the price might get another leg up. If that does happen, the first immediate level we will be watching for Bitcoin is the $30,000 mark. The breakout could get above this level, but strong resistance here is also likely.
On the other hand, it is also likely that the price will now move toward correction. The trading volume is low, and Bitcoin has been struggling to break above $28,500 for over two weeks now.
We will soon see BTC retest the $26,800 mark, and if it fails to hold, we can expect a correction toward the $25,000 mark.
The $25,000 mark has significance because it is the area that was acting as strong resistance for Bitcoin in the recent past.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within the same zone it has been respecting for the past couple of weeks. After multiple rejections at $28,500, it seems likely that we will see some correction in the coming days. However, we can also not ignore the bull flag on the 1-day timeframe that still has not played out. Right now, we will not be placing any short-term trades on Bitcoin and will wait for it to react to one of the levels mentioned above.
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.