Bitcoin’s Bull Run Is Back — and the Data Agrees

According to Bitcoin Magazine, a new report from data firm CryptoQuant indicates that Bitcoin has crossed above its 365-day moving average, signaling the end of the bear market. The report notes this crossover is a definitive technical signal that has marked the start of past bull markets and is the first time the price has reclaimed this level since March 2023.

Bitcoin's price recently traded at $86,598 after reaching nearly $87,330 on Monday. The asset previously surged in August following a U.S. Treasury announcement regarding liquidity-support buyback operations. CryptoQuant's report states that long-term holders appear to have finished selling, paving the way for new investors.

Earlier cycles saw Bitcoin reach a record $126,080 in October of last year before a large liquidation event. The first half of the year saw further declines amid Federal Reserve interest rate stances and investor interest in artificial intelligence stocks. Recently, the debasement trade has gained traction as investors seek assets to hedge against currency devaluation. Last week, the Federal Reserve raised interest rates to combat inflation, while total U.S. debt surpassed $40 trillion in August.