Bitcoin Is Back on the Right Track, Analyst David Cox Says

Bitcoin (BTC) is pushing against a critical technical ceiling in the $93,500 to $94,000 zone.

This level has been identified as the pivotal line by market analyst David Cox, CMT, CFA. 

In a Monday update, Cox has noted that the underlying trend indicators on the daily chart are changing decisively in favor of the bulls.

Moving average 'turning up'

Cox pointed to a specific bullish stacking of moving averages as evidence of returning momentum. 

According to the analyst, the daily chart now reflects a structure where the shorter-term averages have crossed above the longer-term trend lines.

The eight-day exponential moving average is trading above the 20-day EMA, and both are situated above the 50-day simple moving average.

Crucially, the spot price has reclaimed its position above the 50-day SMA, a dynamic often viewed as a prerequisite for sustained rallies.

"Averages are turning up," Cox wrote. "Here on the daily, you can see 8EMA > 20EMA > 50SMA, and the price is back above the 50-day."

For months, this moving average acted as dynamic resistance, capping relief rallies during the Q4 correction. Reclaiming this level shows that the intermediate-term trend has shifted from bearish to bullish.

The bulls' next long-term target is the 200-day SMA (blue line) at $106,645. 

Macro structure remains intact

Despite the friction at $94,000, Cox urged traders to maintain a broader perspective. He noted that the "longer charts are higher highs/lows." 

The analysis argues that a clean break above this $94,000 resistance band could clear the path for a retest of the psychological six-figure levels discussed by other analysts earlier this week.