Bitcoin Reclaims Long-Term Moving Averages Amid Bullish Trend

Bitcoin has finally reclaimed all of its long-term moving averages after being below them for approximately 300 days.

This significant development indicates a strong uptrend in the long term and is seen as a bullish signal by analysts. The current price of Bitcoin sits at $86,132.63 within the Bollinger Bands, with upper resistance at $87,545.66 and lower support at $78,006.05.

The 4-hour chart shows a clear bullish trend structure above the EMA50 at $80,774.13 and EMA200 at $76,239.4. The MACD also registers a golden cross at 1,912.94, which is a strong indicator of a long-term uptrend.

However, the RSI has reached an overbought level of 75.77, suggesting that a healthy retracement towards the 50-EMA support may be due before the price continues its upward momentum.