Bitcoin Breaks Above Key Moving Average, Eyes $82K-$83K Resistance

Bitcoin has broken decisively above its closely watched 50-week moving average, sending bullish signals to the market.

The 50-week average, now around $81,041, previously served as a major resistance level for Bitcoin during its past year-long decline.

In late August, Bitcoin briefly reached $81,265 but was rejected by the 50-week average. However, this time around, the move appears to be much stronger with a powerful daily candle forming in the area.

The weekly close is particularly important now, as it often serves as a gauge of whether a bear market is nearing its end.