Bitcoin Bear Pennant Signals $59K Target as 50 EMA Holds as Resistance

2026-02-21 13:17:34

⬤ Bitcoin (BTC) is under technical pressure as a bear pennant has taken shape on the 4-hour timeframe, combining a sharp prior drop with a tightening consolidation. As Merlijn The Trader flagged, BTC is now retesting the 50 EMA from below - a level that typically acts as resistance in bearish setups. Price is compressing beneath a supply zone near the mid-$70,000s while struggling to reclaim shorter moving averages.

⬤ The pattern shows two converging trendlines forming the pennant boundaries after a steep decline. Each push toward the 50 EMA has been met with selling pressure, and BTC hasn’t managed to close above it - reinforcing its role as a rejection level A broader resistance band above current levels adds to the overhead supply keeping bulls in check.

Price is retesting the 50 EMA from below - a classic bearish resistance retest, the analyst Merlijn The Trader

noted

⬤ If BTC breaks down from this pennant, the implied target sits around $59,000 - marked clearly on the chart as the pattern’s measured move. This fits the standard technical logic of continuation patterns, where price tends to resume in the direction of the preceding move. In this case, that direction is lower.

⬤ The ongoing rejection at the 50 EMA points to short-term consolidation under supply rather than any bullish reversal. As long as BTC stays below the EMA and the upper trendline, the short-term bias stays negative. How this plays out in coming sessions could set the tone for broader crypto market sentiment and give traders near-term directional clarity.

BTC1,24%

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