- Moving average ‘turning up’
- Macro structure remains intact
Bitcoin (BTC) is pushing against a critical technical ceiling in the $93,500 to $94,000 zone.
This level has been identified as the pivotal line by market analyst David Cox, CMT, CFA.
In a Monday update, Cox has noted that the underlying trend indicators on the daily chart are changing decisively in favor of the bulls.
Moving average ‘turning up’
Cox pointed to a specific bullish stacking of moving averages as evidence of returning momentum.
According to the analyst, the daily chart now reflects a structure where the shorter-term averages have crossed above the longer-term trend lines.
The eight-day exponential moving average is trading above the 20-day EMA, and both are situated above the 50-day simple moving average.
Crucially, the spot price has reclaimed its position above the 50-day SMA, a dynamic often viewed as a prerequisite for sustained rallies.
“Averages are turning up,” Cox wrote. “Here on the daily, you can see 8EMA > 20EMA > 50SMA, and the price is back above the 50-day.”
For months, this moving average acted as dynamic resistance, capping relief rallies during the Q4 correction. Reclaiming this level shows that the intermediate-term trend has shifted from bearish to bullish.
The bulls’ next long-term target is the 200-day SMA (blue line) at $106,645.
Macro structure remains intact
Despite the friction at $94,000, Cox urged traders to maintain a broader perspective. He noted that the “longer charts are higher highs/lows.”
The analysis argues that a clean break above this $94,000 resistance band could clear the path for a retest of the psychological six-figure levels discussed by other analysts earlier this week.