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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading at around $28,500 and attempting to break above this level on lower timeframes. The price has been consolidating below this level for several days and is now attempting to surpass it. As of now, Bitcoin has exceeded this level on the hourly timeframe but has not yet established it as a support level. There appears to be some momentum in the market, and it will be interesting to see if the uptrend continues in the coming hours or if the price will continue to consolidate. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (29-Mar-2023) to see where the price could be headed in the immediate short term.
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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 trading above $28,500 and is trying to flip this level into support.
If the momentum continues here and BTC manages to flip the $28,500 mark into support, the next level we will be eyeing for the crypto giant is the $30,000 mark.
On the other hand, if the price breaks below $28,500 once again, we will be expecting BTC to retest the support at $26,800.
Currently, we can see that the volume is still on the lower side, and a move toward the downside is possible. However, BTC could touch the $30,000 mark before heading toward the lower targets.
The volume indicates that the buying pressure is quite low at the moment. If we see a correction for BTC soon (with or without the retest of the $30,000 mark), the main support we would like Bitcoin to hold is the $25,000 mark.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trying to break above a critical resistance level, and it will be interesting to see how it plays out. The price must close a daily candle above the $28,500 mark to confirm the break of support. The volume is still low, so the correction scenario we discussed in our previous analyses is still likely. However, we will wait for Bitcoin to show a rejection here before we short the price toward lower targets.
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.
