Bitcoin Tops 365-Day Average for First Time Since November, Signaling Long-Term Trend Recovery; Uptrend May Continue if $80,500 Holds

Forecast Trend Report by Period

Bitcoin has risen above its 365-day moving average for the first time since November last year, signaling a recovery in its medium- to long-term trend, according to cryptocurrency analyst Axel Adler Jr.

Over the past week, Bitcoin has gained about 11.5%, rising from $76,800 to $85,700. The Trend Pulse indicator, which reflects both short- and long-term trends, also turned bullish again on Sept. 19.

The 30-day moving average now stands at $78,900, about 12% above the 200-day moving average of $70,600. The 111-day moving average is $68,000, while the 200-week moving average is about $65,500.

Adler identified the 365-day average of $80,500 as the key support level going forward. Holding above $80,500 is critical to confirming the break above the annual average. If Bitcoin falls back below that level and drops into the $76,000 to $79,000 range, the breakout could be invalidated and trend indicators could turn neutral again, he wrote.