Bitcoin's Breakout Tested Near $78K as Traders Weigh Next Move
Bitcoin's weekly chart has been on an upward trend, with the price sitting above a stack of moving averages. The upper edge of this band is near $78K, and it's where the breakout gets tested.
The weekly candles show that Bitcoin was changing hands near $83,978 at 09:00 UTC on Saturday, September 26. Looking back to August, the week of August 17 did the heavy lifting, with Bitcoin opening near $62,900 and closing at $77,734.
Chart watchers usually want the faster averages to cross above the slower ones before calling a bear phase over. However, the 8-week average is still creeping toward the 50, 55, and 100-week lines, which bunch up somewhere between $77.8K and $78.6K.
Some traders expect a return to the upper edge before any longer run, while others figure price just keeps going. The chart doesn't settle it, but a weekly close back under $78,000 would put the whole breakout in doubt.