Bitcoin Breaks Through Key Technical Level After 45-Week Wait

Bitcoin (BTC) has broken through a critical technical level after 45 weeks, according to analysts. The cryptocurrency's price surged 2.5% in the last 24 hours, surpassing $84,000 for the first time since January 30th.

The gains over the past week have reached nearly 9%, and over the past month, almost 30%. Ethereum (ETH) also saw significant growth, surging 5.5% in the last 24 hours to exceed $2,700 for the first time since the end of January.

Galaxy Digital Research Head Alex Thorn noted that Bitcoin's recapture of its 50-week moving average is a strong signal that bear market bottoms have formed in the past. Historically, this has generally served as confirmation that the bear market is at its bottom.