Bitcoin Reclaims Major Moving Averages as Bulls Target $90K Resistance

Bitcoin has staged a significant recovery from its $60K demand area over the past couple of months, reclaiming its major moving averages in the process. The cryptocurrency is now trading around $84K and has rallied sharply in August.

The daily chart shows that BTC broke above both its 100-day and 200-day moving averages with force after recovering from the $60K demand area. This structural recovery also led to a reclaim of the $67K resistance zone.

Adjusted SOPR, which measures realized profitability, has recovered above 1, indicating an improvement in crypto market conditions. However, near-term upside may be capped by a clear supply zone.