Bitcoin has climbed to $80,665, extending a rally that has lifted the asset 25.8% over the past 90 days. The cryptocurrency has also held above $74,000 for 30 consecutive days, drawing renewed attention from market analysts.
Technical Milestones and Bull Market Signals
Analysts are examining key technical levels to assess whether Bitcoin has entered a new bull market. The reclaim of the 50-week moving average near $78,700 has become a focal point. Historically, this level has signaled the start of a bull market in five of seven cases.
Some traders are watching for a break above $83,000 as confirmation of a full trend reversal. Other analysts urge caution, calling for a sustained move past that resistance before declaring a turnaround. Skeptics remain concerned that Bitcoin could drop to $60,000 if key support levels fail to hold.
Monthly Chart Considerations
Bitcoin has posted gains for September, with potential implications for the monthly chart. A green September close would mark three consecutive green monthly candles. Historically, three consecutive green monthly candles have never appeared during a bear market, though this observation relies on past monthly chart data and the candle must still close green for that signal to form.
Market Context
The recent rally has occurred despite a Federal Reserve rate hike, a Bank of Japan rate hike, and delays in regulatory progress. Some analysts have questioned whether Bitcoin is becoming more resilient to macroeconomic headwinds or simply awaiting its next catalyst.
