Bitcoin price approaches crucial 200 EMA: breakthrough or rejection?

The Bitcoin price is at a critical point. With a current price of $63K and a modest gain of 0.8% in the past 24 hours, Bitcoin is creeping towards a technical level that sets the tone for the coming months: the monthly 50 EMA at approximately $66.000.

Bitcoin is available at OKX and Bybit.

The 50 EMA as a pivot point

Analyst cryptokans shares a monthly Bitcoin chart which clearly shows that the 50 EMA is currently around $65.910. This is precisely the level that Bitcoin is now trying to approach from below after the sharp decline from the high of over $120.000 earlier this year.

According to the analyst, there are two scenarios. If Bitcoin manages to break through the 50 EMA and turn this level into support, that is a strongly bullish signal. If the price is rejected here, however, the historical price chart indicates what follows next: a further decline. The chart shows a striking similarity with the correction period in 2022, when the price also experienced the monthly 50 EMA as a resistance level.

Dips are a buying opportunity

Despite the uncertainty around this resistance level, cryptokans does not sound pessimistic. He states that Bitcoin is anyway close to a bottom, regardless of how the coming weeks unfold. He therefore sees a decline in the price as a buying opportunity rather than a reason to panic.

On the monthly chart, Bitcoin in 2026 is forming a pattern that resembles a cup-like structure just below the green EMA line. That is the same movement as in 2022, after which Bitcoin began a strong recovery in 2023. The monthly candle of July 2026 opens at $58.585 with a high of $63.490 so far, indicating that buyers are slowly gaining ground.

Whether Bitcoin manages to conquer and hold $66.000 as support will be the key test in the coming weeks. For now, the level to watch is crystal clear.