Bitcoin resumed its bullish momentum on Thursday, as the benchmark cryptocurrency painted a new multi-week high at $42,400. This rally comes shortly after a retrace to the $41,000 support from the $42,000 psychological point yesterday, which BTC lacked the conviction to break.

Today, however, the benchmark cryptocurrency is set to close a 4-hour candle above this mark, which should foster a push to the critical $43,000 resistance over the coming hours.

As mentioned previously, a break above the $43,000 level should lock in a bullish market bias and catapult BTC to the $48,000 top. In the meantime, any bearish attempt will get rejected by the shorter ascending trendline at the $41,000 region.

Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $41,000, $40,000, and $39,000.

Total Market Capitalization: $1.94 trillion

Bitcoin Market Capitalization: $803.5 billion

Bitcoin Dominance: 41.3%

Market Rank: #1