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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading just below the $28,500 mark and has been moving sideways on lower timeframes for almost three weeks. During this period, BTC has failed to make any significant moves, as the price has been consolidating within the same trading zone. As we have noted in our previous analyses, the $28,500 mark is a crucial resistance level for Bitcoin, and reclaiming it would indicate a strong bullish trend. However, the bulls appear to have lost momentum, and although they are still holding support at $26,800, they are struggling to push the price up. The longer Bitcoin remains in this consolidation phase, the more likely it is that the uptrend will continue. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (03-Apr-2023) to see where the price could be 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 see that the price is again retesting the resistance at $28,500 and is struggling to break above it.
However, we can also notice that the price has found some support at $27,600 and has been holding it nicely for the past few days.
It indicates that the momentum is still with the bulls, and we could see BTC break above $28,500 in the immediate short term.
If that happens, the immediate target we will be eyeing for Bitcoin is the $30,000 mark. BTC will likely face resistance or even a rejection around this level.
However, the trading volume is still quite low, and the momentum isn’t particularly strong. Another rejection at $28,500 is possible, and we could also expect a correction for BTC in the coming days.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading slightly below the $28,500 mark and is trying to break above it once again. The price has been struggling to break this strong resistance zone for weeks now, but the bulls aren’t letting it drop either. Right now, we are observing an important retest for Bitcoin on the lower timeframes. If BTC faces another rejection here, we could see the price drop once again. We will not be opening any short-term trade at the moment and will wait for the price to react to this level.
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.
