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

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.

Almost a full month above the 50-week EMA for bitcoin.

BTC has never set new cycle lows after reclaiming all of its weekly EMAs (20/50/200) for several consecutive weeks. pic.twitter.com/8iMpNVkyGt

— Will (@WClemente) September 8, 2026

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.

The second chart, published by technical analyst Dave the Wave, narrows the focus to Bitcoin’s immediate hurdle.

#btc weekly MACD pic.twitter.com/7jWtAr4Afj

— dave the wave (@davthewave) September 8, 2026

BTC has recovered sharply from its mid-year low and returned to the midpoint of a broad ascending channel. That midpoint intersects with horizontal resistance near $82,500, making the area an important confluence zone.

A sustained break above $82,500 would place Bitcoin back in the upper half of the channel and strengthen the case for a continuation toward the $90,000 region. Beyond that, the chart’s upper boundary rises toward approximately $120,000 over the longer term.

Rejection at $82,500 would leave Bitcoin vulnerable to further consolidation. Initial support sits around the reclaimed weekly averages in the high-$60,000s to upper-$70,000s, while the rising lower boundary of the channel provides deeper structural support.

Together, the charts show an improving market rather than a confirmed breakout. Bitcoin has recovered the long-term trend lines that bulls needed to regain, but $82,500 remains the level that could turn technical resilience into renewed upside momentum.

The short answer is: potentially, but not without a plan. Bitcoin’s recovery above its major weekly moving averages suggests the market’s long-term structure is improving, while $82,500 remains the key level needed to confirm stronger upside momentum.

Long-term investors may view the current area as an opportunity to begin accumulating gradually rather than committing all their capital at once. More cautious buyers may prefer to wait for a convincing breakout and hold above $82,500. A loss of the reclaimed weekly averages, however, would weaken the bullish case and raise the risk of another pullback.

The charts therefore support measured optimism, not an all-clear signal. Whether it is time to buy depends on an investor’s time horizon, risk tolerance and ability to withstand Bitcoin’s volatility.