After breaking above a crucial resistance level, Bitcoin (BTC) is looking to retest this area as support to potentially challenge new highs. An analyst confirmed that this chargeback holds the keys to the flagship crypto’s next big move.
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Over the past 24 hours, Bitcoin has reclaimed the upper zone of its multi-month price range and is retesting the $94,000 area for the first time in almost a month. The cryptocurrency has been trading sideways since its late November correction, which sent its price down to an eight-month low of $80,600.
During this period, BTC has fluctuated between the $86,200-$93,500 levels in the weekly time frame, facing strong resistance around the mid-zone of the range. However, the flagship crypto was able to close above the USD 90,500 resistance the week before, allowing a move towards the key upper limit.
Analyst Rekt Capital marked that the $93,500 area is a crucial level for the cryptocurrency’s upcoming price action, noting that Bitcoin was rejected from the $93,500 area for most of the fourth quarter.
Now price is challenging this level again, “which is not only the Range High resistance of the Weekly Range, but also a converging resistance with the multi-week downtrend that has plagued price since its formation in mid-October 2025.”
Rekt Capital be that this level could likely become a macro resistance as the price nearly underperformed its twelve-month candle. “During four-year cycles, such resistances tend to hold price for about three years before finally being breached in the half-year,” he explained.
He added that if BTC has entered a bear market, “this translates into a price that could rise above $93,500 in the coming months to consolidate a Macro Lower High before falling further.” As a result, this level would not be successfully regained until the next half-year in 2028.
The most important technical test of BTC
Despite the potential macro resistance, the analyst confirmed that a short-term weekly clawback or rejection of the $93,500 level “is not as important as the general direction BTC seems to continue to pursue: BTC wants to achieve returns above $93.5k.”
A weekly close above this level, followed by a retest after the breakout, would confirm a successful breakout of the weekly range and the weekly downtrend.
Notably, the cryptocurrency showed a similar performance during the recovery in the second and third quarters of 2025, when the price broke out of the downtrend, reclaimed the $93,500 area and retested it for a few weeks before heading higher.
This would also lay a foundation for a challenge to the converging bull market Exponential Moving Averages (EMAs), which were lost during the corrections in Q4 2025. According to the chart, the 50-week EMA and the 21-week EMA are currently around the $97,000-$98,000 levels.
“History suggests that there is a good chance that the price will break past these EMAs,” Rekt Capital confirmed, but warned that it also suggests that Bitcoin will not be able to successfully convert these levels into new support.
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“If price does indeed break away from the EMAs, then retesting them as resistance from below during their crossover would be a bearish signal,” he warned. As a result, the flagship crypto’s “key technical milestone” will be regaining the EMAs as support to confirm bull market momentum.
Nevertheless, “a range break and a weekly downtrend break are primarily essential for BTC to move closer to those EMAs,” he concluded.
At the time of writing, Bitcoin is trading at $93,330, up 4.8% on the weekly time frame.
Featured image from Unsplash.com, chart from TradingView.com