The short-term rebound remains intact, but BTC must clear resistance between $65,000 and $70,000 to confirm a broader bullish reversal. Bitcoin Weekly Chart Tests 200MA Below Bull Market Support Band. Source:The weekly BTC/USD chart places Bitcoin near $63,100, slightly below the weekly 200-period moving average around $63,548. This indicator often acts as a long-term support or resistance reference, but the weekly closing price will matter more than a brief move above or below it. Bitcoin Rebounds From Channel Support as Long Target HitsBitcoin recovered after testing the lower boundary of a descending channel, allowing the chart’s long setup to reach its stated target.