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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $17,300 mark and is gaining some momentum on the lower timeframes. The price is now trading above the strong resistance at $17,000 and is moving above the consolidation zone BTC has been respecting for weeks. Since the drop in mid-November, Bitcoin has struggled to gain serious momentum and looked pretty stagnant. If the price manages to flip the $17,000 mark into support, we can expect BTC to finally get a move on. Let’s take a quick look at the Bitcoin Price Prediction Daily (05-Dec-2022) to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price has not been pushed down much since it is trying to break above $17,000. This is a good sign for BTC, and we can expect further upside movement in the coming hours.
If the price successfully manages to flip the $17,000 mark into support in the immediate short term, we might also see a small breakout for Bitcoin. The first target we will be eyeing in that scenario is the $18,000 mark.
The $18,000 – $18,600 region has a lot of significance as it has acted as a major support zone for Bitcoin in the past months. We have seen BTC bounce from this price zone multiple times throughout the year, and reclaiming this zone as support will be a tough task for the Bitcoin bulls.
On the other hand, if BTC fails to flip $17,000 into support, we can expect the price to retest the bottom of consolidation at $15,900.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the resistance at $17,000 and is looking to flip it in the immediate short term. The price has been trading within the consolidation zone for weeks now, and a confirmed breakout of $17,000 might push things forward. If the momentum continues and volume starts flowing, we can expect Bitcoin to touch the $18,000 mark soon.
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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