Bitcoin Builds Bottom at 50-Day EMA, Aiming for $148K
Bitcoin has retested its 50-day EMA, forming an “ideal bottom” through an inverse head and shoulders pattern, with a technical target around $148,250. After briefly dipping below the 50-day EMA, BTC price rebounded, mirroring June’s 25% surge from the same support. Analysts suggest a final “washout” to $110,000–$112,000 could solidify the bottom before a push toward previous highs near $150,000. On-chain data reveal an early whale sold 80,000 BTC, marking the third major profit-taking event of the current bull cycle. Historically, such whale-led sell-offs precede consolidation phases lasting two to four months, setting the stage for renewed rallies. CryptoQuant notes these cooling periods typically allow the market to absorb supply, rebuild positions, and then break out to new highs. The convergence of the 50-day EMA support and the inverse head and shoulders neckline underpins a bullish outlook for Bitcoin traders eyeing a rebound in BTC price.
Bullish
The article outlines a classic bullish technical setup: Bitcoin’s retest and successful hold of the 50-day EMA support alongside an inverse head and shoulders pattern suggests strong demand and a high-probability breakout target at $148,250. Historically, similar retests at the 50-day EMA in June triggered a 25% rally, and whale profit-taking events have preceded consolidation periods that preceded new all-time highs. The on-chain data indicating a major whale has realized profits aligns with past cycles where such sell-offs marked the end of a cooling phase. Traders typically view these patterns as reliable bullish signals in both the short term—anticipating a rebound from $110,000–$112,000 support—and the long term, as the market absorbs supply and re-accelerates its uptrend toward $150,000. Therefore, the overall market impact is bullish.