Bitcoin Price Prediction Daily (27-Mar-2023) Consolidation Continues
How is Bitcoin (BTC) Looking Today?
Bitcoin is currently trading at around $28,000 and has been moving sideways on the lower timeframes. As we highlighted in our previous analysis, the price has been consolidating below the resistance at $28,500 for over a week and is now attempting to gather momentum. This level is a significant resistance point, and it’s probable that BTC won’t break through without a correction. Thus far, there have been no indications of bearishness in the price, suggesting that the bulls remain in control. Let’s take a look at the latest Bitcoin Price Prediction Daily (27-Mar-2023) to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can notice that the price is struggling to break above $28,500 but it is also holding the $26,800 mark nicely. This is an indicator that the bulls are still in control and the uptrend is intact.
If Bitcoin manages to break above $28,500 in the immediate short term, the next level we will be watching for it will be the $30,000 mark. It is a crucial level and BTC can face strong rejection here if it goes there without any correction.
However, it is unlikely that Bitcoin will break above $28,500 in the immediate short term. We can expect some correction before BTC continues towards the higher targets.
If we see a correction soon, the next main support we will be eyeing for Bitcoin is the $25,000 mark. An area that has acted as strong resistance in the past.
It is also possible that Bitcoin will test the $30,000 mark before making that correction. It is unlikely that we will get above the $30K zone without any correction in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently consolidating below a crucial resistance level and could continue this movement for the next few days. The price has not made any major moves since breaking above $25,000 and the bulls are simply trying to hold the current level. We are closely watching the $26,800 mark as well because if the price drops below it, a correction is highly likely. We will currently not be buying more BTC and will wait for the correction before making our next move.
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