Bitcoin’s price is currently attempting a fresh increase and aiming to break above the $43,750 resistance level. After a correction, BTC found support above $42,500 and started a new upward trend. However, it is still trading below the 100 hourly Simple Moving Average and faces resistance from a bearish trendline around $43,600.
If Bitcoin manages to clear the $43,750 and $44,300 resistance levels, it could initiate a substantial rise towards $45,000 and potentially even reach $46,500 and $47,200. On the downside, immediate support is near $43,000, followed by $42,600. A break below the latter level could result in further losses and a drop towards $42,000.
It’s important to note that this information is for educational purposes only and does not constitute financial advice. It’s always advisable to conduct thorough research and exercise caution when making investment decisions.