The more than $5,000 price gain for Bitcoin since Monday may have come to an end for now as the $BTC price was rejected from just above $76K. The good news for the bulls is that this was a higher high. Is a return to confirm the trendline breakout the next move?
Back to test the bear market trendline?
Source: TradingView
The 4-hour time frame shows how the $BTC price has retreated somewhat from that $76,000 high. The minimum retrace is to where the price is now, around the $74,000 support/resistance level, and also a descending trendline.
There could be a bounce from this position, but it would probably be expected that the price comes back to test the bear market trendline, given its importance.
50-day and 100-day SMAs provide support and resistance
Source: TradingView
The daily time frame shows how the 50-day and 100-day simple moving averages are interacting with the price action. As expected, the 100-day SMA has become resistance. The long candle wick through the green line gives the idea that there is possibly going to be a deeper rejection to come.
On the other hand, the blue 50-day SMA is curving back round nicely, suggesting that a bottom may have been made and that a trend change could be in the process. This average is also likely to provide support for the price.
At the bottom of the chart, the RSi indicator is above the descending trendline again. If it can hold above, this would be another positive factor for the bulls.
Bullish signals from weekly MACD indicator
Source: TradingView
In the weekly time frame it can be observed that the $74,000 horizontal level is proving to be tough resistance. A close above this line at the end of the week would be a great achievement for the bulls and could open the way to $80,000.
The MACD indicator at the foot of the chart is looking hot right now. For the first time in many months the blue MACD indicator line is crossing up through the red signal line. At the same time, the first small green bar is showing up in the histogram, one of these not having been seen since back in August 2025.
The close of this week still needs to confirm these signs, and there is always the possibility that geo-politics or economic data throw a wrench into this recovery. That said, things are looking a lot more promising.
Was this a short bear market, and a return to the bull? Or could this be a bear market relief rally that turns back around from the top of the bear flag? This all remains to be seen.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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