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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $16,500 mark and is struggling to gain momentum on the lower timeframes. As highlighted in our previous analysis, Bitcoin is breaking down from a rising wedge on the lower timeframes and could be retesting the support at $15,900 once again. Bitcoin has not made any major moves in the past couple of weeks, and things have been quiet. The macro trend is still bearish, so it is likely that we will see further downside movement after some consolidation. Let’s take a quick look at Bitcoin Daily (25-Nov-2022) Price Prediction to see where the price is headed in the 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 consolidating between $15,900 and $17,000. BTC must move out of this zone in the coming days to gain some momentum.
We can also notice that Bitcoin is currently using the $16,300 mark as short-term support. It is also the level that was previously acting as resistance, and BTC had a mini breakout above it.
However, the major levels we are eyeing are still the $15,900 and $17,000 marks. If the price breaks out of this consolidation zone while retesting $15,900, we could expect another sell-off for BTC.
The next level we will be eyeing in that scenario is the $14,000 mark. It is the region where Bitcoin found its peak in 2019.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $16,500 mark and is still going sideways on the lower timeframes. If the price continues to stay above $15,900 in the coming hours, it is likely we will see the price consolidate over the weekend as well. Right now, we will not be placing any short-term trades on BTC and will wait for it to move out of this consolidation zone.
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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