Bitcoin rises to new 2023 highs reaching 42,750

The push higher in Bitcoin is resuming now, as the wider European markets draw to a close. The lead cryptocurrency has now surpassed the earlier Asian high with a bit more gusto than seen earlier this afternoon. It has just now risen above 42,750. That is its highest level of the year to date and so the recovery from the 2022 lows is still unfolding. To be honest, and from a chart perspective, there really is not much in the way of stopping this climbing towards the next Fibonacci target above 48,500. That is not to say it will get there and even if it does, it will be in a straight line, because that very rarely happens. Well, it did the other week of course but we have to view that as an exception to the rule. Bitcoin is currently trading at 42,720