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How is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,000 mark and is consolidating on the lower timeframes. The price has been trading within this zone for the past couple of days and could make a move soon. As highlighted in our previous analyses, Bitcoin finally managed to break above the resistance at $28,600 on Monday, and since then, the bulls have been looking to resume the bull trend. The volume is still on the lower side, but a spike could end up pushing the price once again. BTC has not made any corrective moves since it broke above $25,000, so a rejection here is also possible. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (13-Apr-2023) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
The current levels we are watching for BTC in on the lower timeframes are the $30,250 and the $29,800 mark. The price seems squeezed between these two levels at the moment.
However, if we zoom out and look at the 4-hour timeframe, we can notice that BTC is currently forming a potential bull flag.
I the volume spikes in the coming hours, this bullish structure could play out in the immediate short term. The target we will be eyeing in that scenario is the $32,000 mark.
On the other hand, there is also a possibility Bitcoin can face a rejection here, as we haven’t seen a price correction in a while. If that happens, the support level we will be eyeing for Bitcoin is the $28,600 mark.
However, in case of a correction, it is also highly likely that Bitcoin will revisit the $25,000 zone and retest it.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading just below a crucial resistance zone and is still showing bullish signs on lower timeframes. Right now, we are watching the $30,200 mark closely, and if Bitcoin manages to break above it, we will be bullish on it in the immediate short term. On the other hand, if the price faces rejection here and dips below $29,800 on the hourly timeframe, we will also be interested in trading that range.
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.
