Bitcoin (BTC) is up 5% over the past 24 hours, as the cryptocurrency rallied from a new local low at $76,450 to a high of $83,786 on March 12.
On the weekly chart, BTC’s price retested its 50-weekly exponential moving average or 50W-EMA indicator (blue line) as support.
Bitcoin 1-week chart. Source: Cointelegraph/TradingView
As observed in the chart, Bitcoin’s price has maintained a position above this indicator since August 2023, which is a long-term bullish position. The 50 EMA level has been a support level for Bitcoin over the last 18 months.
Previously, Bitcoin bounced off this trendline in September 2024 before continuing to new all-time highs.
Bitcoin shows multiple bullish divergences
Before its relief rally, Bitcoin’s low time frame (LTF) and high time frame (HTF) charts displayed bullish divergences between price and the relative strength index (RSI) indicator.
Bullish divergences occur when the price