Bitcoin Price Reclaims Key Technical Level, Bullish Signal Strengthens

Bitcoin's price has regained its 1,130-day simple moving average (SMA), a significant technical level that marks the end of major bear markets. This move comes after a long period below the SMA, with BTC trading below it for nearly 80 days.

The cryptocurrency broke above $74,000 on August 20 and reclaimed the 1,130-day SMA, turning previous resistance into support. If history repeats itself, this could signal that the recent lows were the cycle low, marking a potential end to the correction cycle.

However, experts caution that confirmation will require follow-through, specifically a clear breakout above $82,000. The short-term technical outlook is also positive, with Bitcoin's price near the upper Bollinger Band and the Relative Strength Index (RSI) at 83.14, indicating overbought conditions.