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
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.