Bitcoin Breaks Above 365-Day Average, Signals Long-Term Trend Recovery

Bitcoin has broken above its 365-day moving average for the first time since November last year, indicating a recovery in its medium- to long-term trend. According to cryptocurrency analyst Axel Adler Jr., Bitcoin rose to $85,700 on September 22, which is 6.4% above its 365-day average price of $80,500.

The key support level going forward is identified as the 365-day average of $80,500. If Bitcoin holds above this level, it would confirm the break above the annual average. However, if it falls back below and drops into the $76,000 to $79,000 range, the breakout could be invalidated.

The Trend Pulse indicator has turned bullish again on September 19, reflecting both short- and long-term trends. Bitcoin's 30-day moving average now stands at $78,900, which is about 12% above the 200-day moving average of $70,600.