Bitcoin is testing key long term support on the weekly chart while the short term wave count points to a potential next push higher. Together, the levels traders watch now sit around the 200 week SMA and the $67,260 retracement zone. Bitcoin Nears 200-Week Average as Weekly Trend Weakens Bitcoin trades below its long-term trend lines as the 200-week simple moving average (SMA) comes into focus. The weekly BTC chart shared by X user More Crypto Online shows price sliding toward the $58,224 200-week SMA. Meanwhile, Bitcoin also sits below the 250-week SMA near $55,592, the 300-week SMA near $50,550, the 350-week SMA near $44,579, and the 400-week SMA near $39,689. As a result, the market faces a test of longer-term support levels. Bitcoin Weekly Moving Averages. Source: More Crypto Online on X During 2024 and 2025, Bitcoin held well above these rising averages as price rallied into the six-figure zone. However, the recent pullback pushed price closer to the 200-week SMA, a level traders track as a long-term trend gauge. Historically, weekly closes near this line have marked periods when downside pressure met broader trend support. Therefore, this area now stands as a key reference point for the current structure. At the same time, the stacked order of the moving averages remains upward, with shorter long-term averages above the longer ones. This alignment reflects a broader uptrend in the long-term curve, even as price weakens in the short term. However, the narrowing distance between price and the 200-week SMA shows that downside momentum has increased. Consequently, the weekly trend now depends on how price behaves around this level in the coming sessions. Bitcoin Holds Key Retracement Zone as Wave Count Signals Setup for Next Leg Bitcoin reacted at the $67,260 level marked on the 15-minute BTCUSD chart shared by X user Man of Bitcoin. Price tagged the 1.0 retracement near $67,260 and stabilized inside the Fibonacci pocket that includes the 0.5 level near $68,018 and the 0.618 level near $67,337. As a result, the move completed an ABC correction inside wave-(2), according to the analyst’s count. This reaction aligned with the prior projection drawn from the preceding impulse leg. Bitcoin U.S. Dollar 15 minute chart. Source: Man of Bitcoin on X At the same time, the broader structure shows price breaking out of a descending channel before the pullback. The corrective move then retraced into prior demand, which now acts as a decision zone. Moreover, the chart marks nearby reference levels below the pocket, including the 0.786 retracement near $66,378 and a deeper retracement near $64,395. These levels frame downside risk if price fails to hold the current base. Meanwhile, upside projections remain mapped from the recent swing structure. The chart outlines wave targets above the prior highs, with measured extensions near 1.236, 1.38, and 1.618 on the Fibonacci scale. Therefore, the technical roadmap now hinges on whether price holds above the prior swing low that anchors the wave-(2) count. If that structure remains intact, the wave-(3) path stays in play.
