Bitcoin has surged past the crucial $85,000 resistance level, signaling a potentially significant bull run reminiscent of previous historical patterns. Analysts highlight this breakout, fueled by consistent buying interest and sustained market support, as evidence for a potential long-term upward trend. 📈
The weekly moving average (MA50) continues to offer crucial support, while Bitcoin’s RSI indicator indicates strong buying momentum exceeding the 70% mark.
Market indicators suggest that Bitcoin has overcome significant obstacles and maintains underlying support. On-chain flow data further supports this trend by revealing renewed accumulation and reduced selling pressure on major exchanges.
Cryptocurrency experts, including market observer Ash Crypto, are closely monitoring two key technical signals on the weekly chart: the 50-week moving average (MA50) and the Relative Strength Index (RSI) near its 44 level. These indicators are crucial for traders as they suggest Bitcoin’s potential to continue rising.