Bitcoin Price Breaks Above $43,000 After Recent Flash Collapse

• At the time of writing, Bitcoin is trading at $42,830, up 4.54% in the last 24 hours.
• If the price manages to clear above the $43,300 mark then the price will likely test $43,720.

After a few days of intense selling pressure, the whole cryptocurrency industry rose in the last day. Bitcoin saw a precipitous fall all the way to about $40,500 on December 12 after breaking above $44,000 last week. Nonetheless, Bitcoin’s price increased and is now hovering around the $43,000 level.

A continuation of the pattern of stability that has endured through three separate meetings, the Federal Reserve’s decision to maintain its benchmark interest rate is likely responsible for the current upswing. In order to keep things as they are, the central bank has decided not to change interest rates at this time.

Even though they are generally wary of the cryptocurrency sector, experts at JPMorgan predict that Ethereum will outperform Bitcoin and other digital currencies in terms of market performance by the year 2024.

On Wednesday, a group of experts led by Nikolaos Panigirtzoglou shared their prediction that Ethereum would dominate as a leading cryptocurrency and acquire market share in the following year. The EIP-4844 update, also known as Protodanksharding, is the main trigger for Ethereum’s expected revival, according to the experts. 

Bulls Striving Hard

At the time of writing, Bitcoin is trading at $42,830, up 4.54% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 4.77%. The price faced short term resistance at $43,300 and is likely eyeing to continue the bullish momentum.

If the price manages to clear above the $43,300 mark then the price will likely test $43,720 resistance level. However, if the price breaks below $40,500 level, then it will likely test $39,370 support level.