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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently hovering around the $26,000 mark, as it aims to gain traction on lower timeframes. Over the past week, the price has remained relatively stable at around $25,600, despite the controversy surrounding Binance and Coinbase. The release of the Consumer Price Index (CPI) for May today was also in line with expectations. Immediately after the CPI report came out, BTC witnessed a brief spike towards $26,500, but it is currently trading below that level. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (13-June-2023) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price is currently moving within a parallel channel.
This shows that the price is currently moving in an uptrend on lower timeframes and Bitcoin is trying to retest the $26,500 mark once again.
The announcement of the CPI report did help the price get near that $26,500 zone but we might see another retest soon.
If Bitcoin does manage to break above this structure and the $26,500 mark and starts closing hourly candles above it, things could get bullish for Bitcoin. The next immediate target we will be eyeing for Bitcoin in that scenario is the $27,000 mark.
On the other hand, if the price breaks below, it will once again retest the $25,600 mark and the $25,000 mark will be in play once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is presently being traded around $26,000 without displaying any substantial movements in recent days. Following the announcement of the CPI report, there was a momentary increase towards the $26,500 level, but volatility remains limited. Our focus is currently directed towards the $26,500 level for Bitcoin, awaiting a price reaction for further analysis. Right now, we will not be placing any short term trades on Bitcoin.
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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