According to a report from CryptoQuant, Bitcoin has crossed above its 365-day moving average. Analysts identify this crossover as a technical signal marking the start of a bull market, noting that the asset has not reclaimed this level since March 2023.
The price of Bitcoin recently reached nearly $87 330, with recent trading levels around $86 598. This follows a surge in August, which was supported by the U.S. Treasury's announcement regarding the expansion of liquidity-support buyback operations.
Market data indicates that long-term holders have largely ceased selling, potentially clearing the path for new market participants. The current trend is supported by interest in assets that serve as a hedge against currency devaluation and government debt, which recently surpassed $40 trillion.
The asset previously hit a record high of $126 080 in October of last year. This was followed by a significant decline triggered by a liquidation event involving over $19 billion in closed positions, as well as shifts in Federal Reserve interest rate policies.
