Table of Contents
How is Bitcoin (BTC) Looking Today?
Currently, Bitcoin is trading at around $28,000 and is moving sideways on the lower timeframes. As we mentioned in our previous analysis, the price is now trading below a crucial resistance level, and we might see a correction before the uptrend resumes. The level we are closely monitoring is $28,500, which acted as support for BTC last year before the price experienced a massive sell-off. This level is now a critical resistance and a breakout above it could indicate a continuation of the uptrend. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (22-Mar-2023) to see where the price could be headed next in the coming days.
Bybit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $30,030 bonus! (Bonus may vary based on the deposit amount)
Analyzing the 1-day Timeframe
If we look at the latest 1-day charts for Bitcoin, we can notice that the price is forming another local peak and looking extremely bullish in the short term.
We can also notice that the price is forming a series of higher highs which indicates bullishness. BTC has been in an uptrend for a while now and is consistently forming new local highs.
However, before we see a further continuation, it is likely that BTC will reject the $28,500 mark and correct the price. If that happens, the support level we will be eyeing for BTC is the $25,000 mark.
On the other hand, if the price manages to get above the crucial resistance at $28,500. The next immediate target we will be eyeing is the $30,000 mark. It is also possible BTC will test $30K before making a correction.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $28,500 mark and will likely reject this area in the coming days. Right now, we are observing the price closely and are not placing any short-term trade. It is possible that BTC will correct towards $25,000, and it is also possible that the price will touch the $30K mark before making that correction. Once we see a strong confirmation from either side, we will be interested in placing another trade 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.
