Is it Time to Buy Bitcoin? – Chart of the Day

Bitcoin’s recovery above its major weekly moving averages has strengthened the long-term technical picture, but bulls still face an important test near $82,500. Is it time to buy Bitcoin?

Bitcoin is trading around $78,600 after retreating from the week’s highs, leaving the market within striking distance of a level that could determine whether the latest rebound develops into a broader trend reversal. Market data showed BTC trading between roughly $77,700 and $79,500 on September 8.

The first chart, shared by analyst Will Clemente, places the recent move in a longer-term context. Bitcoin has spent almost a month above its 50-week exponential moving average and has also reclaimed the major 20-, 50- and 200-week trend measures.

Previous recoveries above this cluster of weekly averages have occurred after major cyclical corrections. Clemente notes that Bitcoin has historically not gone on to establish a new cycle low after holding all three averages for several consecutive weeks.

That precedent supports the case that the decline toward $57,000 in mid-2026 may have marked a durable bottom. It does not, however, guarantee that the recovery will proceed in a straight line. Moving averages are lagging indicators, and a decisive weekly close back below the reclaimed cluster—particularly the 50-week EMA near $77,400—would weaken the signal.