Bitcoin Surges Above Key Level, Eyes $82,800 and Beyond
Bitcoin's price has been on a steady rise in recent weeks, and the latest development could signal a turning point for the cryptocurrency. The price of BTC currently sits at around $81,681.9, up about 1.45% from the previous day.
This move comes after Bitcoin closed last week above its 50-week moving average for the first time in 45 weeks. Analysts often watch this line as a signal for the end of a longer downtrend. The 50-week EMA currently sits at around $77,676, while the RSI reads near 59.13, indicating that the momentum is not overbought yet.
According to on-chain data shared by Crypto Rover, long-term holder supply has been climbing towards levels not seen before. This accumulation often points to reduced selling pressure, although it does not guarantee future direction. Even so, this trend is a positive sign for Bitcoin's price action.