The crypto world has got some really bad news in the past week: the fake US government is trying to push through some very nasty regulations, which if passed, will be quite detrimental to the further development of this early stage burgeoning blockchain new technology! Since it is far from certain that this will pass without significant changes, I won't go into details but just so you know, it is huge negative news for cryptos. Having said that, Bitcoin as well as most of other cryptos, has been shaking off the huge negativity and making moonshot recently, a fantastic bullish sign for the sector!
As you may know, Bitcoin has got a haircut recently by over 50% since its high of over $63K just a few weeks ago. Now it has fought back to reclaim the $45K level. So the million dollar question is: have we been out of the woods by now? Well, after such a quick crash, it won't be an easy job to simply bounce back to new highs. There are many technical hurdles it must overcome before we see new highs. The most famous and mostly followed important levels are the so-called Fibonacci retracement: it typically has three levels from its peak: -61.8% of the high, 50% of the high, and 38.2% of the high (see below). 
Right now, Bitcoin has just passed through the 38% level and is challenging the 50% level. We will see how Bitcoin will behavior in facing this resistance and but if overtaking it, it will be a big positive! However, the next level of resistance at the 62% level is more difficult to overcome. I don't think it will be a smooth journey for Bitcoin to challenge its new highs but you never know. Just be mindful of the potential huge volatility associated with Bitcoin at the current levels. We may still see sudden "crashes" along the way, although I have no doubt that we will see new highs for Bitcoin sooner or later. It is just a matter of when, not if!!💪🤗
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