Bitcoin Reclaims 365-Day Moving Average, Signaling Bull Market Return

Bitcoin's price surge has been making waves in the crypto space, and recent data confirms that the bull market is back. The cryptocurrency crossed above its 365-day moving average, a key signal that marks the end of a bear market. According to CryptoQuant, this crossover is 'the definitive technical signal' that has triggered past bull runs.

The report notes that the moving average has been a reliable indicator in previous cycles, and its reclaim by Bitcoin carries significant weight. Long-term holders appear to have finished selling, making way for new investors to enter the market.

The price surge can be attributed to several factors, including the U.S. Treasury's announcement to double its liquidity-support buyback operations and the Federal Reserve's decision to raise interest rates. The move has sparked a 'debasement trade,' where investors are buying assets like Bitcoin and precious metals to hedge against currency devaluation.

The total U.S. debt has topped $40 trillion for the first time, fueling investor concerns about government debt and deficit. As a result, people are seeking safe-haven assets that can protect them from inflation and currency devaluation.