Bitcoin closes above its 365-day moving average of $80,500 for the first time since March 2023, signaling potential entry into a new bull market.
Macro & Markets ·
Bitcoin has moved above its 365-day moving average, which sits at $80,500, marking the first time this level has been breached since March 2023. This development is being interpreted by analysts as a potential indicator of entering a new bull-market phase.
The breakout follows earlier bullish signals from on-chain metrics, which had already flagged signs of an early bull phase by mid-August. Bitcoin also recently moved past a notable supply zone spanning $76,000 to $81,000 that had previously constrained upside movement. The $88,000 to $90,000 band now represents the next major supply level likely to shape price action.
What remains unclear is whether this move will sustain above the 365-day average or face renewed selling pressure at the emerging resistance band. The technical significance of the average crossing is noted, but confirmation through broader adoption and sustained price action above these levels would strengthen the bull-market thesis.