Bitcoin Faces Critical Test at Weekly MA50 Amid Rising Wedge

• Bitcoin’s MA50 at $75.7K is a key support—holding it could fuel a rally to $120K, while breaking it may trigger a drop to $54K–$55K.
• BTC trades within a rising wedge; a bounce from MA50 keeps the uptrend intact, but breakdown could shift momentum to bearish. 
• Despite a 4.19% dip, Bitcoin’s long-term bullish trend holds as long as it stays within the ascending channel, with MA50 as key support.

Bitcoin is within a rising wedge on the weekly timeframe. According to Captain Faibik’s tweet, Bitcoin’s 50-week moving average (MA50) at $75.7K is a key support level. If this level holds, Bitcoin could rally toward $120K. However, a breakdown could trigger a retest of the $54K–$55K support zone.

Bitcoin’s Technical Structure Remains Intact

Bitcoin CME Futures show price action confined within an ascending channel. Two parallel trendlines contain fluctuations, reflecting a structured market movement. The price recently faced resistance at the upper boundary and retraced downward.

The lower trendline is now a significant level of support. Traders have previously defended the area, leading to strong bounces. Bitcoin is now trading at $84,490, a 4.19% loss in the current session. The 50-week MA slopes upward, confirming the long-term bullish configuration.

Bitcoin’s future trajectory depends on its reaction to the MA50. A bounce from this level could drive the price higher. The upper trendline resistance could be the next target, potentially pushing Bitcoin beyond $100K.

However, a breakdown below MA50 could shift momentum. If selling pressure intensifies, Bitcoin might retest the $54K–$55K support zone. This level previously acted as a strong demand area, making it a key point for traders.

Bitcoin is still in the uptrend despite the recent drop. The creation of a rising wedge is a sign of a potential breakthrough. Additionally, as long as Bitcoin is still within the channel of rising price action, the long-term trend is still positive. The bullish picture is also supplemented by dynamic support from the 50-week MA. However, mood can easily turn around if this point is broken.