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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $27,000 mark and is struggling to stay above it on the lower timeframes. As highlighted in our previous analysis, Bitcoin has been losing momentum for the past few weeks, and it seems likely that the price will break below $27K for good and will head toward lower levels. However, the bulls aren’t completely out of the equation, and this consolidation could also result in a breakout. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (19-May-2023) to see where the price will be headed next in the coming weeks.
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Analyzing the Weekly Chart
If we zoom out and look at the weekly timeframe for Bitcoin the first thing, we can notice is that the price has been moving within the same since March 13, 2023.
It is evident that Bitcoin is facing strong resistance around the $30,000 mark and the bulls have not been able to push the price past it. However, it is also noticeable that the support at $26,500 is holding well and bears have also not been able to break below it.
Another thing to notice is that the price has not been able to close a weekly candle above the $28,500 mark since the beginning of May. It indicates that the bulls don’t have control at the moment and the price might drop further.
Once the price breaks below $26,500, a retest ofthe $25,000 mark is inevitable. It will be interesting to see how the price will react to that crucial level as a bounce is also possible.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading around the $27,000 mark and could go either way in the coming days. Right now, we are watching the resistance at $28,500 which is a crucial level for BTC. If the price fails to break above this area, it is highly likely that we will see a lower high for Bitcoin on the daily timeframe and the price will drop below the support at $26,500. The first target we will be eyeing in that scenario is the $25,000 mark.
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.
