Bitcoin Enters New Bull Market with $86K Price Above 365-Day Moving Average

Bitcoin has entered a new bull market after reclaiming its 365-day moving average at $80,500 and climbing above $86,000. This move marks the first time Bitcoin has reclaimed its 365-day moving average since March 2023.

CryptoQuant notes that historically, Bitcoin's bull markets have officially begun when price closes above its 365-day moving average, and bear markets when it falls below. The firm also points out that the 200-day moving average, currently around $70,600, remains a key support level below current prices.

CryptoQuant's Bull Score has remained in bullish territory since mid-August and currently stands at 80, indicating a shift toward more favorable market conditions. Readings of 60 or higher have historically coincided with sustainable bull markets, suggesting that onchain valuation turned bullish before price confirmed it.

Additionally, CryptoQuant's Bull-Bear Market Cycle Indicator has shifted from bearish conditions into a bull phase. This indicator, along with the Bull Score and 365-day moving average, now provides multiple signals pointing to the same market direction.

Bitcoin has also moved through a supply zone between $76,000 and $81,000, clearing it as a major overhead resistance. However, CryptoQuant notes that the next significant supply cluster is located around $88,000 to $91,000, where onchain supply aligns with the upper band of the trader's realized price.