Bitcoin Breaks Above Major Moving Averages as Bulls Eye $90K
Bitcoin's price has been on an upward trend over the past couple of months, recovering from the $60K area and currently trading around $84K. The charts show that BTC has moved back above its major moving averages, with the 100-day and 200-day moving averages both turning higher.
The 200-day moving average is currently around $71K, while the 100-day moving average is converging from below near $70K. Both are below the current market price but have begun to turn higher, suggesting a potential bullish crossover in the broader structure.
On-chain analysis shows that adjusted SOPR has recovered above 1, indicating that realized profitability is improving. This suggests that market participants are once again realizing profits and reducing fears of panic selling flooding the market with excess supply.