Bitcoin initiated a positive move, surpassing the $42,000 resistance and clearing hurdles at $42,500 and $43,200. However, encountering resistance around $43,800, the price established a weekly high at $43,779 before a brief correction.
A downside correction saw a dip below $43,200, breaking the 23.6% Fibonacci retracement level of the upward swing from $41,650 to $43,779. Currently, Bitcoin is trading above $42,750 and the 100 hourly Simple Moving Average. A crucial bullish trend line is forming with support near $42,650 on the hourly BTC/USD chart, aligning with the 61.8% Fib retracement level.
The immediate hurdle lies at $43,250, with a significant resistance at $43,800. Surpassing this level could pave the way for a substantial upward movement, targeting $44,500.
