Bitcoin Breaks Key Resistance as Bull Market Signal Flashes

Bitcoin has broken through a key resistance level after closing above its 365-day moving average for the first time since March 2023, according to CryptoQuant.

The crossover, which has marked the start of previous bull markets, suggests that Bitcoin may be entering a new upward trend. The moving average stood near $80,500 when Bitcoin reclaimed it, and with the current price trading around $86,000, analysts are watching a band of potential resistance between $88,000 and $90,000.

The reclaimed 365-day average is an immediate level to watch, with CryptoQuant also placing the 200-day moving average around $70,600. This range may attract buyers during a decline, but neither offers a guaranteed floor for Bitcoin's price.