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

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

More Ethereum News

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera. 

More Hedera News

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome. 

More Bitcoin News

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP