Bitcoin Bulls See Their First Weekly Close Above 21-Week Resistance in Six Months

Bitcoin has achieved a significant technical milestone, marking its first weekly close above the 21-week exponential moving average (EMA) since October 2025. This 21-week EMA has acted as a key resistance level, and its reclamation is viewed by analysts as a positive sign, potentially averting a retest of lower support levels around $70,000. While Bitcoin is currently testing resistance near $80,000, the weekly close above this trendline is considered a crucial step for bulls. Analysts suggest this could confirm the end of a downtrend and signal further price relief. However, short-term price action shows mixed signals, with potential for consolidation or liquidity grabs before further upward movement. Macroeconomic factors, including the Federal Reserve's interest rate decisions and inflation data, alongside geopolitical events, are also influencing market volatility. Onchain analysis indicates that institutional investors have been accumulating Bitcoin, suggesting a potential "structural bottom" and the "end of capitulation," with weak hands being purged. Furthermore, positive US manufacturing data (PMI) could provide additional support, potentially preventing Bitcoin from revisiting its macro lows and suggesting a higher low formation for the year.

(Source：Cointelegraph)