BTC Breaks Above $83,000 Resistance
Bitcoin (BTC) has regained its footing above $83,000, sparking renewed interest and bullish sentiment among users.
The cryptocurrency broke through a key resistance level and climbed above its 50-week moving average for the first time in 45 weeks, according to data from Coin Edition.
Alex Thorn, Head of Firmwide Research, noted that regaining the 50-week MA has historically served as strong confirmation that the bear market has reached its lows.
Ki Young Ju, founder of CryptoQuant, pointed out another bullish signal: Bitcoin has reclaimed its 365-day moving average. This breakout above $83,000 marks a threshold many traders watch to confirm the end of a bear cycle.
CryptoQuant analyst Darkfost attributed the latest price rally to geopolitical de-escalation, which triggered a $618M net taker surge and wiped out Bitcoin shorts.