Bitcoin price is reversing the previous losses on Sunday, as the bulls look to resume the recent recovery momentum from two-week lows of $32,114 level reached on July 8.
On July 9, BTC price bulls remained defiant to the warning issued by Tesla Inc.’s CEO Elon Musk, as the price staged an impressive bounce. Elon Musk tweeted out that the transaction rate was "slow" and cost "high” for Bitcoin and Ethereum.
However, sellers continued to lurk above the level $34,000 barrier, keeping the upside attempts in check. At the press time, BTC/USD pair is holding the higher ground around 33,800, up nearly 1% on a daily basis.
As observed on the four-hour chart, the Bitcoin BTC price is approaching a powerful resistance of around $34,000, where the horizontal 50 and 100-Simple Moving Averages coincide.
A four-hourly candlestick chart closing above that level could offer the much-needed boost to the Bitcoin 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 BTC bullish potential is backed by the Relative Strength Index, which holds above the midline on the said time frame, currently at a price of 52.59.
On the other side, if Bitcoin 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 a price of $33,334.
That level intersects with the rising trendline support level, connecting the recent higher lows.
The next significant downside price target awaits at the two-week troughs of $32,114.
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