Bitcoin Breaks $80,000 as Bullish Trend Gains Momentum

CryptoQuant analyst Mark Casar has identified a strong bullish trend for Bitcoin in the works.

The cryptocurrency recently broke above the $80,000 level and is now heading towards $85,000 after clearing its one-year moving average of $80,061.

If Bitcoin can break through the two-year moving average resistance at an estimated $88,761, it could unlock a more sustained bullish trend for the leading cryptocurrency in the coming months.

The recent price spike was driven by spot and perpetual buyers, but leverage and profit-taking have started to increase with the rising price.