Bitcoin pushed above the 50-day Exponential Moving Average this week, a move that shifted short-term market structure in favor of buyers after several weeks of grinding lower. Price held near $65,800 on Wednesday before edging up toward $66,300, keeping the weekly gain intact.
The 50-day EMA had been sitting at $65,150, and closing above it matters more than a brief intraday spike. It signals that buyers absorbed the selling pressure that had been capping the market and are now setting the pace. That said, two bigger walls are still standing overhead.
What the charts are saying
The RSI climbed to 60, above the neutral 50 mark but nowhere near overbought. That kind of reading tends to mean momentum is building rather than exhausted. The MACD is positive too, though it has not yet printed the sharp crossover that would suggest a decisive leg higher is already underway.
Both indicators together paint a picture of a market that is healing, not sprinting. Buyers are gaining ground steadily, which is usually more durable than a vertical move fueled by a single catalyst.
The 100-day EMA at $68,082 is the immediate ceiling traders are watching. Getting through it would reframe the medium-term narrative and put the 200-day EMA at $73,982 in play. Beyond that sits a longer-term resistance zone around $84,410, though that target feels distant while BTC is still trading roughly $8,000 below the 100-day line.
On the downside, the 50-day EMA at $65,150 is now the first line of defense. A deeper pullback toward $64,004 would still be manageable for the bulls, but a sustained close below that level would do real damage to the recovery thesis and open the door to a broader selloff.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
