Bitcoin closed a weekly candle above its 50-week EMA for the first time since late 2025 as markets prepared for the Jackson Hole symposium.
Bitcoin (BTC) starts the final week of August near its highest levels since mid-May as its bear-market recovery reaches a critical stage.
Bitcoin scrapes weekly close above key resistance
Bitcoin reached $79,550 last week, its highest levels since early May as a five-day rally brought gains of up to 27%. BTC/USD closed last week at $77,727 on Bitstamp, per data from TradingView. This signified a reclaim of its 50-week exponential moving average (EMA), a key resistance trendline that currently sits at $77,752.
The 50-week EMA is commonly brought into focus by traders during Bitcoin bear markets. The last candle close above this crucial line of resistance was in early November 2025. In prior bear markets, BTC has retested the 50-week EMA before capitulating into its ultimate macro lows. This has meant some traders remain unconvinced by last week’s strong price action.
BTC/USD one-week chart with 50 EMA. Source: Cointelegraph/TradingView
Prior to the close, crypto trader and analyst Rekt Capital warned that not only the 50-week EMA but the entire area around $80,000 figured as resistance for bulls to overcome, while price so far has topped out lower.
“Each Bear Market Relief Rally thus far would retrace sharply in the week following a strong breakout rally,” he wrote in ongoing X analysis.
“Next weeks will be crucial. But maybe even already next week we’ll know whether Bitcoin can sustain these highs or not.”
An accompanying chart showed what Rekt Capital subsequently called a series of macro lower highs, potentially reinforcing the bear market despite recent strength.
BTC/USD one-week chart. Source: Rekt Capital on X.com
Earlier, Cointelegraph reported on traders’ expectations of 2026 playing out in a similar manner to previous bear markets, with 2022 showing the most similarities in terms of timing.
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