Bitcoin (BTC) is currently wedged between the 200-week simple moving average (SMA) and 200-week exponential moving average (EMA), which have formed support and resistance since mid-August. Senior analyst Caleb Franzen believes this is an important feature on weekly timeframes and constitutes one of several encouraging characteristics of the BTC/USD chart. He also cites the short-term holder realized price (STHRP) as a key characteristic of an uptrend, with the current price breaking above it. Although these indicators improve bullish probabilities, Franzen clarifies that they don't necessarily mean the BTC price will make bull market-style gains.