Bitcoin is seeing an increase in price, with bullish signs indicating that the rally may continue. The cryptocurrency has managed to break through key resistance levels and is now trading above $42,750 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support near $42,650 on the BTC/USD pair. If Bitcoin clears the $43,250 and $43,800 resistance levels, it could continue to rise and potentially reach $44,500.
However, if Bitcoin fails to rise above the $43,800 resistance zone, it may experience a downward movement. Immediate support is near $42,800, followed by the trend line at $42,650. The main support level is at $42,400 and the 100 hourly SMA. If the price drops below $42,400, it could gain bearish momentum and potentially reach the $41,200 support level.
It is important to note that investing in Bitcoin carries risks, and it is always advisable to conduct your own research before making any investment decisions.