Bitcoin experienced a marginal ascent of approximately 1.5% in the previous week, indicating a sense of caution among traders as they navigate these elevated realms. The dormant bears, although seemingly in a state of hibernation in recent days, might contemplate a resurgence should the ongoing rally falter. In the context of an upward trajectory, downturns are commonly perceived as opportune moments for steadfast investors to amass positions for the long term.

Notably, the optimistic sentiment pervading the trader community is discernible in the surge of Bitcoin withdrawals from exchanges. This figure, amounting to 61,000 Bitcoin, marks a substantial improvement compared to the year-to-date nadir of nearly 43,000 Bitcoin, as elucidated by CryptoSlate analyst Van Straten.

Bitcoin persists in its proximity to the formidable $35,000 resistance, with recent price movements delineating an ascending channel pattern. Despite the initial vigor of a pronounced surge, the emergence of a tightly confined ascending channel is generally perceived as an unfavorable indication.

Should the price embark on a downturn and slip beneath the confinements of the channel, a contingent of enterprising traders may be prompted to secure gains. This maneuver could, in turn, guide the price towards the 20-day exponential moving average (EMA) resting at $33,033.

A robust recovery from this juncture would signal the enduring dominance of the bulls, who would then strive to propel the price beyond the $36,000 threshold, rekindling the prevailing upward trajectory.

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