Bitcoin Price Analysis: Acceptance above this key level is critical to recapturing $35,000

  • Bitcoin remains trapped between two key averages on the 4H chart.
  • BTC price sees a minor bounce, closes in on the $34,000 barrier.
  • Bullish RSI suggests additional bullish potential, as $35,000 beckons.

Bitcoin is reversing the previous losses on Sunday, as the bulls look to resume the recent recovery momentum from two-week lows of $32,114 reached on July 8.

On July 9, BTC bulls remained defiant to the warning issued by Tesla Inc.’s CEO Elon Musk, as the price staged an impressive bounce. Musk tweeted out that the transaction rate was “slow” and cost “high” for Bitcoin and Ethereum.

However, sellers continued to lurk above the $34,000 barrier, keeping the upside attempts in check. At the press time, BTC/USD is holding the higher ground around 33,800, up nearly 1% on a daily basis.

Bitcoin challenges key hurdle on the road to recovery

As observed on the four-hour chart, the BTC price is approaching a powerful resistance around $34,000, where the horizontal 50 and 100-Simple Moving Averages (SMA) coincide.

A four-hourly candlestick closing above that level could offer the much-needed boost to the BTC bulls, opening gates towards the downward-sloping 200-SMA at $34,989.

Up next, the July 4 top of $35,953 could guard the advances. The bullish potential is backed by the Relative Strength Index (RSI), which holds above the midline on the said time frame, currently at 52.59.

BTC/USD: Four-hour chart

On the flip side, if BTC price faces rejection at the $34,000 upside barrier, then the bears could knock off the rates towards the mildly bullish 21-SMA at $33,334.

That level intersects with the rising trendline support, connecting the recent higher lows.

The next significant downside target awaits at the two-week troughs of $32,114.

BTC/USD additional levels

BTC/USD

OVERVIEW
Today last price 33847.81
Today Daily Change 29.84
Today Daily Change % 0.09
Today daily open 33817.97
TRENDS
Daily SMA20 33895.63
Daily SMA50 35779.01
Daily SMA100 45396.28
Daily SMA200 44196.64
LEVELS
Previous Daily High 34092.59
Previous Daily Low 32265.55
Previous Weekly High 35953.34
Previous Weekly Low 32114.92
Previous Monthly High 41324.09
Previous Monthly Low 28807.19
Daily Fibonacci 38.2% 33394.66
Daily Fibonacci 61.8% 32963.48
Daily Pivot Point S1 32691.48
Daily Pivot Point S2 31564.99
Daily Pivot Point S3 30864.44
Daily Pivot Point R1 34518.52
Daily Pivot Point R2 35219.08
Daily Pivot Point R3 36345.57

 

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