David Cox said Bitcoin is back on a constructive path as technical signals on the daily chart turn decisively bullish.
In a Monday update, Cox noted that BTC is pressing against a critical resistance zone between $93,500 and $94,000, which he described as a pivotal level for near-term price action. According to the analyst, underlying trend indicators have shifted in favor of buyers, supported by a bullish alignment of moving averages.
The daily structure now shows the 8-day exponential moving average above the 20-day EMA, with both positioned above the 50-day simple moving average. The spot price has also reclaimed the 50-day SMA, a condition often viewed as necessary for sustained advances. During the fourth-quarter correction, this average acted as dynamic resistance and capped relief rallies. Regaining the level suggests the intermediate trend has flipped from bearish to bullish.
Cox identified the next longer-term target at the 200-day SMA, currently near $106,645. While he acknowledged friction around $94,000, he emphasized the broader picture, noting that higher highs and higher lows remain intact on longer timeframes. A clean break above resistance could reopen the path toward six-figure levels discussed earlier this week.
Source: Statements by David Cox
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