Bitcoin Enters Early Bull Market, but Needs Break Above $83,000 for Confirmation

Forecast Trend Report by Period

Bitcoin has entered the early stages of a new bull market, but it must break above its 365-day moving average at $83,000 to confirm the trend, according to CryptoQuant.

The Block reported on Aug. 27 that CryptoQuant Head of Research Julio Moreno wrote in a report that Bitcoin bull markets have historically begun when the price breaks above the 365-day moving average, while bear markets have started when it falls below that level. A decisive move above $83,000 would confirm a new bull market. Until then, the level may act as initial resistance and leave room for a pullback.

Bitcoin has surged more than 25% since early last week and briefly topped $81,000 this week. CryptoQuant pointed to two macro drivers behind the rally: the US Treasury's plan to double long-term bond purchases to at least $4 billion per operation starting Sept. 9, and comments from President Donald Trump suggesting the US government could buy Bitcoin.