$93,500 Level Holds Key For Next Move

After breaking above a crucial resistance level, Bitcoin (BTC) is attempting to retest this area as support to potentially challenge new highs. An analyst affirmed that this reclaim holds the keys for the flagship crypto’s next major move.

Bitcoin Weekly Close Eyes New Targets

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 nearly a month. The cryptocurrency has been trading sideways since the late November correction, which sent price to an eight-month low of $80,600.

During this period, BTC has been hovering between the $86,200-$93,500 levels in the weekly timeframe, facing strong resistance around the mid-zone of the range. However, the flagship crypto was able to close the previous week above the $90,500 resistance, enabling a move toward the key upper boundary.

Analyst Rekt Capital highlighted 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 Q4.

Now, price is challenging this level again, “which is not just the Range High resistance of the Weekly Range but is also a confluent resistance with the multi-week Downtrend that has plagued price since forming in mid-October 2025.”

BTC breaks out of weekly downtrend. Source: Rekt Capital

Rekt Capital pointed out that this level could likely become a macro resistance as price performed its 12-month candle close below it. “Across Four Year Cycles, such resistances tend to resist price for ~3 years before finally being broken in the Halving Year,” he explained.

He added that if BTC has begun a Bear Market, “what this translates to is that price could overextend beyond $93500 over the coming months in order to solidify a Macro Lower High before continuing lower.” As a result, this level would only be successfully reclaimed in the next halving year in 2028.

BTC’s Most Important Technical Test

Despite the potential macro resistance, the analyst affirmed that a weekly reclaim or short-term rejection of the $93,500 level “isn’t as important as the general direction BTC seems poised to continue to pursue: BTC wants to return above $93.5k.”

A weekly close above this level, followed by a post-breakout retest, would confirm a successful breakout from the weekly range and the weekly downtrend.

Notably, the cryptocurrency showed a similar performance during the Q2-Q3 2025 recovery, when price broke out of the downtrend, reclaimed the $93,500 area, and retested it for a few weeks before a move to higher levels.

This would also build a base for a challenge of the converging bull market Exponential Moving Averages (EMAs), which were lost during the Q4 2025 corrections. Per the chart, the 50-week EMA and 21-week EMA currently sit around the $97,000-$98,000 levels.

“History suggests there’s a good chance price will break beyond these EMAs,” Rekt Capital affirmed, but cautioned that it also suggests Bitcoin won’t be able to successfully turn these levels into a new support.