Bitcoin Breakout Faces Crucial Test at 50-Week MA

Bitcoin's recent breakout is still valid, but only if it holds above its 50-Week Moving Average (WMA) by Sunday's close. According to MI_Algos, citing Keith Alan, this is a crucial test for the current trend.

The price of Bitcoin has been testing the upper Bollinger Band resistance at $81,339.69, while its Relative Strength Index (RSI) has reached 73.6, indicating overbought conditions. A healthy retracement toward the 50-EMA support at $77,992.54 is likely before the price continues upward.

The Moving Average Convergence Divergence (MACD) has also confirmed a golden cross at 586.72, reinforcing the bullish structure above the EMA200 at $72,364.93.