Bitcoin Reclaims 365-Day Moving Average as Bull Market Fears Return
A recent surge in Bitcoin's price has many observers wondering if the bull market is back. According to CryptoQuant data, the leading cryptocurrency has reclaimed its 365-day moving average, a technical signal that historically marks the start of bull markets.
The moving average is considered a 'cycle-defining' line by crypto analysts, and its reclamation carries significant weight in determining the direction of the market. The report notes that long-term holders appear to have finished selling, making way for new investors to enter the market.
The rally was driven by several factors, including a U.S. Treasury plan to at least double liquidity-support buybacks and a renewed debasement trade amid rising U.S. debt. Despite a Fed rate hike, investors seem to be shrugging off the move and buying into Bitcoin instead.