Bitcoin Surges to Nine-Month High as Bear Market Bottom Signal Sparks Bullish Hopes

Bitcoin (BTC) has broken through to a nine-month high of $83,000 following a series of bullish signals from analysts. The key resistance at $82,200 has been breached, and the Relative Strength Index (RSI) reading is at 59, supporting a potential move to $90,000.

The head of research at Galaxy Digital, Alex Thorn, notes that Bitcoin's price has closed above the 50-week Moving Average (MA) of $78,786 for the first time since November 2025. This technical indicator is often seen as a bear market bottom signal. Past data suggests that a move above the 50-day MA has consistently marked bear market lows.

CryptoQuant's Bitcoin Bull-Bear cycle indicator remains above 0, indicating a bullish trend. Analyst Joe on X supports Thorn's view, noting that the move above the 50-week MA has a 75% chance of marking the bear market low. However, data from CryptoQuant also shows that the Coinbase Premium has turned negative, suggesting weak demand from US-based traders.