Can Bitcoin (BTC) Set a New Annual High?

Currently, the asset is trading sideways between the support level of $41,400 and the resistance level of $42,500. BTC is likely to move within this range for some time, possibly 2 or 3 days, as the market seeks to stabilize.

As long as the asset is trading below key resistance zones at $42,700–$43,300 and $43,850, the possibility of further correction remains high. Under such conditions, Bitcoin might decline below the $40,000 mark, testing the buyer's support at around $39,000 and possibly setting new lows.

The uptrend for BTC can only resume if it breaks and sets a new annual high. If this happens, BTC could potentially reach and challenge the resistance level at $45,300.