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Crypto

Bitcoin Breaks Above Key Technical Level as New Bull Market Takes Shape

Guavy AI Editorial Team
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BTC
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Bitcoin has cleared a crucial technical level after breaking above its 365-day moving average, which stood near $80,500. This move marks a significant shift in the cryptocurrency's market cycle and has historically preceded major advances.

The 365-day average was last breached in March 2023 when Bitcoin traded around $86,000.

CryptoQuant analysts described the move as confirmation of the start of a new bull market, citing similar breaks above the average that preceded significant price increases in 2019 and 2023.

Bitcoin's market signals have turned positive, with CryptoQuant's Bull Score Index and Bull-Bear Market Cycle Indicator both moving toward an early bull-market phase by mid-August.

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