PlanB Sees Bullish Sign in Bitcoin's Break Above $79k Moving Average

Bitcoin has surpassed several critical technical levels, and analyst PlanB believes this is a bullish sign. According to PlanB, Bitcoin's price closing above its 50-week moving average at approximately $79,000 indicates that the next target should be the 100-week moving average, which is around $89,000.

PlanB noted that after August closed with a price of $78,571, various market indicators showed a recovery. He pointed out that the percentage of Bitcoin supply in a profitable state increased from 50% to 72%, and the monthly RSI indicator rose from 41 to 51. This data suggests that Bitcoin's bear market may have ended.

PlanB emphasized that these developments point to an improvement in market momentum, which could indicate that Bitcoin has passed its bottom and supports bullish expectations for the upcoming period.