Bitcoin Forms “Ascending Triangle”, Tries to Rebound Above $35,000 Crucial Level
Bitcoin has formed an ascending Triangle thus hinting a bullish trend. The cryptocurrency will need to reclaim the $35,000 level as resistance to avoid bull-ending price action.
Bitcoin price continues with a mixture of red and green, currently up by 1.24% and trading at $34,374 as of 04:46 UTC AM during the intraday. For the last 24 hours, BTC’s market capitalisation stands at $52,79 billion, a decline of 9.17%.
The crypto seems trying to reverse the past losses witnessed yesterday. It sets to initiate recent recovery momentum from the lows experienced during the last two weeks that reached $32,112 on July 8.
The 4-hour chart shows an ascending triangle chart that signals a potential bullish trend, indicating a temporary consolidation before the price continues the uptrend. Buyers push the price up while sellers do not have enough interest to form a new lower low.
However, the presence of short candlestick bodies indicates a weak uptrend, meaning that the uptrend would be slow because of the relatively balanced strength ratio between the buyers and sellers.
The MACD lines moved upwards and have crossed the 0-level, which indicate a potential uptrend. The convergence of the two lines signals that the uptrend is gaining strength as the current prices rise faster than the past prices.
The bullish trend is further confirmed by the Relative Strength Index (RSI), which is above 50 (standing at 59.97), thus indicating that Bitcoin is in the bull territory.
BTC recently rebounded despite mounting regulatory concerns. Last week on Friday, July 9, Bitcoin defied the warning issued by Tesla CEO Elon Musk, who warned about BTC and ETH, slamming their transaction systems.
Musk tweeted that the world’s two biggest cryptocurrencies pursued a multi-layer transaction system, but their transaction rate was “slow” and cost “high”. Instead, Bitcoin made an impressive resistance and traded above at $32,700.
On Friday, July 9, BTC further defied a fresh warning issued by US Senator Elizabeth Warren, who raised concerns about the risks posed to financial markets and consumers by the crypto market.
Meanwhile, the evidence of small banks and multinational institutions considering offering Bitcoin services to both wealthy and retail clients is a big achievement for the crypto.
The flagship largest cryptocurrency is expected to remain to trade in a $35,000 resistance zone and $32,000 support zone.
However, the thesis of the bullish trend can be invalidated if sellers overcome buyers’ interest and push the price down.
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