 ▲ Bitcoin (BTC) |
Bitcoin (BTC) is exploring the possibility of a strong 23.6% rebound aimed at breaking above its 50-day exponential moving average.
According to crypto-focused outlet The Crypto Basic on February 13 (local time), Bitcoin has recently withstood downward pressure and is trading above the upper $66,000 range. The market’s attention is now focused on whether Bitcoin can break through the key overhead resistance at the 50-day EMA, with technical analysts estimating that a price increase of approximately 23.6% would be required to achieve this.
The 50-day EMA, which serves as overhead resistance, currently overlaps with the 23.6% Fibonacci retracement level, forming a significant technical crossroads. Historically, this zone has acted as a crucial boundary separating bull and bear markets. If Bitcoin breaks through this resistance with strong trading volume, it could signal a complete exit from the long-term downtrend. Conversely, failure to break higher may result in another extended period of sideways movement, retesting lower support levels.
Technical indicators present a mixed picture, suggesting a cautious approach. The Relative Strength Index (RSI) is hovering near the neutral 50 level as it searches for direction, while the Moving Average Convergence Divergence (MACD) indicates short-term buying pressure but lacks sufficient momentum to form a clear golden cross. Retail investors are weighing a decisive breakout above the $68,000 resistance level as a potential signal for a more aggressive entry.
Market experts emphasize that it is crucial for Bitcoin to solidify support between $64,700 and $65,500. If this range collapses, downside pressure could intensify, potentially extending losses toward the low $60,000 area. On the other hand, if a 23.6% rally materializes and Bitcoin breaks above the 50-day EMA, a new upward channel toward $75,000 could open.
Bitcoin is currently undergoing a liquidity reshuffle ahead of major options expirations and key macroeconomic data releases. Analysts note that only with stabilization in technical indicators and confirmed inflows of institutional capital can Bitcoin overcome the formidable barrier of the 50-day EMA. Investors are advised to prepare for heightened volatility and closely monitor whether key support levels hold.
*Disclaimer: This article is provided for investment reference purposes only and does not assume responsibility for any investment losses incurred based on its content. The information herein should be interpreted solely for informational purposes.*