Bitcoin Daily (01/31/2023) Price Prediction: How to View the Daily Timeframe

How is Bitcoin (BTC) today?

Bitcoin is currently trading just below $23,000 And now it’s moving sideways on the lower timeframes. As we mentioned in our previous analysis, BTC has been on a strong upward trend since the first week of January, with prices steadily rising. Bitcoin is currently facing resistance. $23,300 mark, and if the price successfully beats it, it hits a higher target. However, we can expect some correction in the short term, as there was not much downside over the course of the month. Take a quick look at the latest Bitcoin Daily (January 31, 2023) price forecast to see where the price might be heading in the next few days.

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Analyzing timeframes of a day

Looking at the latest 1 day Looking at the Bitcoin chart, the first thing you notice is that the price is still in a strong upward trend.

Another thing we will notice is that Bitcoin crossed two resistance levels that had previously faced strong rejection this month. Good sign.

The next resistance that Bitcoin wants to break through is $25,000 mark. It is also an area where Bitcoin has faced strong rejection in the past. It will be interesting to see how the price reacts to this level in the next few days.

On the other hand, the support level that Bitcoin wants to maintain in the short term is $22,600 mark. If the price breaks below this level, we can expect a correction in the next few days.

Conclusion: Bitcoin (BTC) Final Verdict

Bitcoin is currently $23,000 Marked and still looks bullish for most of the timeframe. However, it is also possible that we will see some kind of fix in the next few days. BTC could take a breather here before making another significant move upwards. $25,000 Marks are also possible in the immediate short term and may be rejected there. At this time, we have no plans to do any short-term trading with BTC.

How to trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, see our how to trade bitcoin guideThis can prove useful for traders just getting started with bitcoin trading. You can also check out our list of top bitcoin exchange Suppliers.

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