Bitcoin (BTC) is currently testing a significant resistance zone between $93,500 and $94,000.
This critical threshold has been highlighted by market expert David Cox, CMT, CFA, as a key battleground for price direction.
In his Monday report, Cox emphasized that the daily chart’s trend indicators are decisively shifting in favor of bullish momentum.
Moving Averages Indicate Upward Momentum
Cox identified a notable bullish alignment among moving averages signaling renewed strength in Bitcoin’s price action.
The daily chart reveals that shorter-term moving averages have crossed above longer-term ones:
The 8-day exponential moving average (EMA) now sits above the 20-day EMA, with both positioned higher than the 50-day simple moving average (SMA).
Importantly, Bitcoin’s current price has moved back above the 50-day SMA—a technical condition often seen as essential for sustained upward trends.
“The averages are turning upwards,” Cox explained. “On the daily timeframe you can observe 8EMA > 20EMA > 50SMA and price has reclaimed its position above the 50-day.”
Overall Market Structure Remains Bullish
Despite encountering resistance near $94,000, Cox advised traders to keep focus on broader market patterns. He pointed out that longer-term charts continue to show higher highs and higher lows.
The analysis suggests that if Bitcoin manages to break cleanly beyond this $94K barrier, it could pave the way toward retesting psychologically important six-figure levels previously mentioned by other analysts this week.