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How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading around the $30,000 mark and appears to be showing a bearish trend on lower timeframes. The price has been consolidating for the past few weeks, fluctuating between the support level at $30,000 and the resistance level at $31,500. As emphasized in our previous analysis, it is of utmost importance for Bitcoin to maintain support at $30,000, as a breach below this level could trigger another sell-off. Currently, BTC is undergoing a retest of the $30,000 support, and it is crucial to observe its response to this test. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (06-Jul-2023) to see where the price is headed in the short term.
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Analyzing the Charts
On the recent 1-hour charts for Bitcoin, we observed a significant rejection near the $31,500 level, aligning with our bearish scenario from previous analysis. Currently, the price is at $30,000, and it is crucial for it to find support and initiate a rebound from this level.
If the price continues to drop and flips the $30,000 mark, there is a possibility of further correction. However, we will also be eyeing the $28,400 region as a bounce from this level is also expected.
If Bitcoin fails to maintain the $30,000 level, the $28,400 mark could become significant. In such a case, we would consider opening a long position on Bitcoin. It’s worth noting that the $28,400 level has previously acted as resistance, so there might be increased activity and potential for price fluctuations around that area.
Conclusion: What is Next for Bitcoin (BTC)?
In conclusion, Bitcoin is currently displaying bearish momentum on lower timeframes, making it uncertain which direction it will take in the next few hours. At the moment, we are not considering opening a position on Bitcoin due to the ongoing fluctuations. However, if the price revisits the $28,400 level as mentioned earlier, we would be interested in acquiring more Bitcoin in that range. Keep in mind that the price could also bounce from the $30,000 mark to resume the uptrend.
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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