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How is Bitcoin (BTC) Looking Today?
Bitcoin, with its current trading price hovering around $30,000, is displaying a strong bullish trend in the near future. This upward momentum can be primarily attributed to its robust fundamentals rather than relying solely on technical indicators. While the price remains around $30,500, there is a high probability that the uptrend will persist in the upcoming days, propelling Bitcoin to reach even higher levels. Although technical analysis may be biased towards potential correction prior to reaching $35,000, it is also plausible for Bitcoin to reach this milestone without experiencing any major drops. Lets take a quick look at the latest Bitcoin Price Prediction Daily (27-June-2023) to see where the price could be headed in the short term.
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Analyzing the Timeframes
Looking at the latest 1-day charts for Bitcoin, we can see that the price successfully tested the $25,000 support level and is now aiming to break above $30,500 after the liquidity grab.
If the price starts closing daily candles above the crucial $30,500 mark, we can expect this rally to continue towards the $35,000 mark.
The pattern observed is reminiscent of Bitcoin’s behavior when it was trading below the $25,000 threshold. After surpassing $19,500, it encountered resistance at $25,000, retraced back to $19,500, and then successfully broke above $25,000, progressing towards the $30,000 range.
Moreover, we can also notice that the support at $25,000 is overlapping with the 0.5 of fib from local bottom to local top. The fib 0.5 level has plenty significance as BTC has used it as strong bounce area on multiple occasions in the past.
Conclusion: What is Next for Bitcoin (BTC)?
As highlighted earlier Bitcoin is trading slightly above the $30,500 level and displaying a bullish outlook in the near future. Despite the possibility of BTC appearing overbought considering recent price movements, it remains strong both technically and fundamentally in the short term. If this positive momentum persists, it is highly likely that Bitcoin will soon reach the significant milestone of $35,000.
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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