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  • Bitcoin Price weekly rally stalls slightly above $34,600
  • The uptrend is maintained in an ascending parallel channel after holding onto crucial support at $33,400
  • Bullish MACD and RSI suggest additional bullish potential towards $36,000

It is a mixed start to the day for major cryptocurrencies. Holding above the week’s support levels could see most of the crypto majors recover from the losses experienced last week. Bitcoin price (BTC/USD) rose by 2.23% on Sunday reversing the previous losses, bulls are determined to continue the recovery drive from a July 8 low of $32,167. While BTC rose to levels past $34,400, Ethereum rose to $2,174 before closing the day at $2,109 on Sunday.

Bitcoin price made a major downswing on July 10 before a regal upswing due to growing bullish pressure at $33,400. The four-hour 100-day and 50-day Simple Moving Averages (SMA) anchored the price in the early trading session on Monday as gains stretched to $34,600. At the time of writing, BTC is exchanging hands around $34,300 while bears struggle to overturn the uptrend.

Is Bitcoin’s Recovery Sustainable?

Bitcoin price forma an ascending channel pattern on the four-hours chart indicating that BTC’s uptrend remain intact despite several corrections from the two-weekly high. The pioneer cryptocurrency remains among the next cryptocurrency to explode as its immediate uptrend is plugged on the channel’s middle line. Breaking out from this resistance is crucial if the uptrend is to be sustained and bolstering BTC price towards the July 4 top at around $36,000.

Note that buyer concentration at $34,200 provides immediate support. Moreover, holding on to this crucial level in the next trading sessions will allow the bullish pressure to sustain the uptrend. However, a four-hour candlestick close below this level may extend losses even further.

The lower edge of the ascending channel provides the next fundamental support in confluence with both the 100-day and 50-day SMAs. Note that, as long as the Bitcoin price remains within the channel boundaries, traders can expect a continued uptrend.

Bitcoin Price (BTC/USD) four-hour chart

Bitcoin Price (BTC/USD) Four-Hour Chart

Note that this bullish potential is accentuated by the Moving Average Convergence Divergence (MACD) indicator as it rises towards the midline. This bullish outlook will be confirmed once the MACD crosses the zero line into the positive region. Moreover, the Relative Strength Index (RSI) affirms this bullish outlook as it continues to hold above the midline on the four-hour chart, currently at 62.12.

Looking Over the Fence

On the downside, if Bitcoin price closes below the $34,000 in the near term, the bears could stretch the prices towards the bullish 100-SMA at $33,800, a level that intersects with the lower boundary of the ascending channel. A slice through this support level could see Bitcoin Price re-test the next major support level at around $32,167.

If this happens, it may suggest that Bitcoin is among the best cryptocurrency to buy and increase your digital assets.

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