1-Day Analysis:
Big Picture: Bitcoin is leading the trend, as Bitcoin and Bitcoin Dominance achieve multi-months high. Furthermore, the price has reached the 50% Fibonacci retracement of the bearish spell that ran from November 2021 to November 2022. The bulls’ overall aggressiveness is strong, although some profit-taking on strength is still encouraged.
On the Upside price hit the 50% Fibonacci retracement around 42,370, prompting some profit-taking, but despite a solid hurdle above, price was able to complete the day almost at strength. Moving ahead, this will be a significant barrier, and the next level of resistance is at 42,965. Both of these levels are difficult for the day, but a break over 42,965 could open the door to an exponential rise towards the 48,200 mark, between which there is minimal resistance.
On the Downside for the previous few hours, the levels of 41,500 to 41,400 have held nicely. Price has been limited to these levels during its initial profit-taking, and as long as these hold, the downside is unlikely to be squeezed any further. However, a decline below 41,400 would take price towards 41,100 initially, with the next vulnerable level at 40,500.
