First Time Since 2023: Bitcoin Clears Key Trendline to Trigger Long-Term Bullish Signal

Bitcoin closed above its 365-day moving average for the first time since March 2023, successfully breaking through a long-term trendline that has accurately predicted the start of every bull run since 2019. Surging into the $85,897 zone, the price completely absorbed a massive wall of sell orders that had been holding the market back since mid-August.

According to reports from analytics platforms Glassnode and CryptoQuant, the latest breakout above the psychological $80,500 level has officially pushed the market into a confirmed uptrend.

At the same time, the on-chain MVRV ratio crossed above its long-term average and entered a zone of sustained upward momentum. Glassnode notes that a similar pattern was observed at the beginning of macro cycles in 2019 and 2023, when the network emerged from a prolonged phase of capital accumulation.

The MVRV metric measures the difference between Bitcoin's market value and the cost basis of investors' holdings. Its move into positive territory therefore indicates that the average profitability of network participants has finally returned to growth.

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Against this backdrop, sellers are no longer willing to part with their coins at a discount, while the SOPR index confirms that any attempts to take profits are now immediately absorbed by strong spot demand.