Bitcoin Surges Past $86,000 as FOMO Hits New High

Bitcoin has entered a new bull market after reclaiming its 365-day moving average for the first time since March 2023, according to CryptoRank. The cryptocurrency surged into a new bull market as it traded near $86,000, with an estimated $648 million of short positions liquidated in 24 hours.

CryptoQuant's on-chain indicators had signaled a bullish shift since mid-August, and the 365-day moving average crossover confirms what those signals had been indicating for weeks. The asset initially traded at $80,500 but now trades near $86,000, marking the key technical signal that has marked the start of Bitcoin bull markets in previous cycles.

The 365-day moving average has a strong track record as a cycle-defining level, with closing above it confirming the bull markets of 2019 and 2023. This reclaim carries significant weight, rather than looking like a simple bounce.