Bitcoin Surges Above Key Milestone, Targets $98,000 Resistance Zone
Bitcoin closed Monday at $86,620 on Binance, its highest daily close since January 28. This marked a 6.7% rise from the previous day and broke above the 50-week moving average for the first time in 45 weeks.
The rally came as oil prices fell for a fourth consecutive day, pushing the US 10-year Treasury yield below 5%. According to CoinGlass data, approximately $648 million of bearish bets were liquidated during the day.
Strategy disclosed a purchase of 950 BTC at an average price of $79,670, and Strive separately purchased 1,355 BTC. Alex Thorn, head of research at Galaxy, noted that regaining the 50-week moving average has historically served as strong confirmation that bear market lows are 'in'.
Bitcoin's chart shows it breaking out of its late-August consolidation. The next target is the $98,068 to $99,486 zone, just above the January 14 peak of $97,924.