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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $16,800 mark and is slowly heading towards the resistance at $17,000. As highlighted in our previous analyses, the price has been trading within the consolidation zone below $17,000 and is struggling to move out of it. The $17,000 mark was previously acting as strong support in December, but after a sell-off, BTC flipped it into resistance and has been trading below it since. As long as the price is trading within the consolidation zone between $17,000 and $16,400, we will not see any major moves from Bitcoin. Let’s take a quick look at the Bitcoin Price Prediction Daily (04-Jan-2023) to see where the price will be headed in the immediate short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts for Bitcoin, we can notice that the price is about to retest the resistance at $17,000 once again. BTC has not moved much in the past few days but has been slowly heading towards the $17,000 region.
If BTC breaks above this resistance in the immediate short term, we can expect the volume to flow again. The next immediate target we will be eyeing in that scenario is the $17,400 mark.
We can also notice that the $17,400 region is also the 0.5 level of the Fibonacci from swing high to swing low of the previous local top.
Once the price manages to get above this level as well, the main hurdle it will face will be around the $18K region. An area that was previously acting as the bottom for Bitcoin.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trying to retest the $17,000 mark, and it will be interesting to see how the price will react to it. If Bitcoin manages to get above $17K and closes a candle as well, we can expect some bullishness in the short term. The volume will start flowing with this move, and Bitcoin will retest $17,400 as well. We will be watching the price closely and will be interested in placing a long trade in case of a breakout.
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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