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Bitcoin reclaims its 365-day moving average, signaling bull market
CryptoQuant said the move above the 365-day moving average marks the first reclaim since March 2023, alongside signs long term holders have largely stopped selling.
Bitcoin has moved above its 365 day moving average, a technical signal CryptoQuant says indicates the asset has finished a bear market phase and entered a bull market cycle. Bitcoin Magazine writes that the crossover is the “definitive technical signal” seen at the start of bull markets in past cycles, and it is the first time price has reclaimed the 365 day average since March 2023.
The article ties Bitcoin’s prior strength to August, when the price surged after a U.S. Treasury announcement about plans to at least double the size of its liquidity-support buyback operations. It says the rally then cooled, before strengthening again last week.
Bitcoin Magazine reports that the cryptocurrency was trading around $86,598 recently, after reaching nearly $87,330 on Monday. It also notes CryptoQuant’s view that long term holders appear to have finished selling, which it says helps create room for new investors to enter.
The piece also places the latest rebound in a broader macro context, saying Bitcoin has been benefiting from a renewed “debasement trade,” where investors seek assets as a hedge when the dollar weakens. It further references the Federal Reserve raising interest rates to curb inflation, and it says investors bought Bitcoin after that decision.
Latest closeBitcoin $85,554.46 ▼0.7%