Bitcoin Technical Analysis: Bitcoin Surges Today – How did the rally impact the technical indicators?
February 26, 2026
Bitcoin Technical Analysis
Bitcoin is experiencing a strong rebound today, bouncing back from its recent low of $62,525, which was the lowest level since February 6. This rebound marks a significant test of support within a descending channel. Currently up by $5,000, or 7.8%, the increase is positive for short-term traders.
Despite today’s rally, Bitcoin is still down by almost 30% from the high it reached on January 14. This highlights the fact that the current movement is part of a larger corrective phase rather than a complete reversal.
From a technical perspective, yesterday’s low hit the bottom of the descending channel and attracted buyers. This bounce provided support for the bulls and indicated a potential reversal. Today’s rally also reclaimed two key short-term indicators: the 100-hour moving average at $65,975 and the 200-hour moving average at $66,674. Holding above these levels indicates a more favorable short-term outlook towards the upside.
Bitcoin is currently approaching the upper trendline of the channel, which acts as immediate resistance around $68,835. Breaking and maintaining trade above this level is crucial for further upside momentum. A confirmed break above $68,835 would open the door to reaching previous February highs at $70,230, $70,937, and $72,174. Surpassing these levels would signal a more significant upward movement.
Traders are also keeping an eye on the 38.2% Fibonacci retracement level at $74,402, which represents a major technical hurdle. Reaching this level would attract increased attention and could indicate a more sustained bullish trend.
While the short-term bias has improved with the recent bounce and the recovery of key moving averages, Bitcoin is still within a broader corrective downtrend from the January peak. To shift the intermediate-term outlook decisively higher, a sustained break above the channel resistance and previous highs is necessary.
In conclusion, momentum currently favors the upside, but key resistance levels still need to be overcome for a more substantial bullish trend to emerge. The technical picture has improved, but work remains to solidify a more sustained upward trend in Bitcoin’s price.
