Bitcoin Breaks Above Key Technical Level, Eyes New Bull Market
Bitcoin has cleared a crucial technical level, indicating a possible start to a new bull market. The cryptocurrency moved above its 365-day moving average of around $80,500 for the first time since March 2023.
This level had been a barrier to Bitcoin's advance, and the move comes after months of consolidation following last year's decline. According to CryptoQuant, similar breaks above the average have preceded major advances in 2019 and 2023.
The firm also noted that Bitcoin has cleared a major supply zone between $76,000 and $81,000, which had limited its advance. However, there is still significant overhead supply in the next range of $88,000 to $90,000.
CryptoQuant's indicators have already turned positive, with their Bull Score Index and Bull-Bear Market Cycle Indicator both moving toward an early bull-market phase by mid-August. While pullbacks can occur even after a broader market-cycle signal turns positive, the latest move suggests a potential new trend for Bitcoin.