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How is Bitcoin (BTC) Looking Today?
The value of Bitcoin is currently hovering around the $21,800 mark, and its short-term movement is uncertain. It’s trading just above a critical support level of $21,500, making it a crucial time to observe whether it will keep this level or experience a further decrease. The $21,500 level is important as it acted as a strong resistance prior to the recent breakout. If Bitcoin is able to hold this level as support, it is probable that the upward trend will persist. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (13-Feb-2023) to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can notice that the price is currently trying to bounce from $21,500 and is headed towards the $22,400 mark once again.
If BTC manages to get back above $22,400 in the short term, the bulls will start to gain momentum once again. The next level we will be watching in that scenario is the $23,300 mark. It is also an area where the price has faced multiple rejections on the lower timeframes recently.
This area is also the 0.6 of fib from the swing high to swing low, and breaking above it will mean the continuation of the uptrend.
The target we will be eyeing in that scenario is the $24,000 mark, and it is likely that the price will break above that once it passes $23,200. We can then also start eyeing higher targets, and the first one will be around the $25,000 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within a crucial zone and could go either way in the immediate short term. If the price gets above $22,400, we can expect the uptrend to continue again. According to our bullish scenario predictions, the momentum will get stronger once the price gets back above $23,300. However, if we place a long trade on Bitcoin in the short term, we will also be using tight stop losses as the price could still go either way.
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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