Bitcoin Price Reclaims 50-Week MA as Bull Market Hopes Build

TLDR:

• Bitcoin hit $80,665, gaining 25.8% in 90 days and holding above $74,000 for 30 straight days. 
• Doctor Profit says the 50-week moving average near $78,700 marked bull markets in five of seven cases.
• Ted and Ash Crypto want a sustained move above $83,000 before confirming a full trend reversal. 
• A green September close would mark three straight green monthly candles, never seen in a bear market.

Bitcoin price climbed to $80,665, extending a rally that has lifted the asset 25.8% over 90 days. The cryptocurrency has also held above $74,000 for 30 consecutive days.

Source: Coingecko

This move came despite a Federal Reserve rate hike and delays in regulatory progress. As a result, analysts are now debating whether the market has entered a new bull phase. Several traders point to key technical levels, while others urge caution before calling a trend reversal.

Bitcoin Price Reclaims Key Moving Average

Crypto analyst Ted noted that Bitcoin reclaimed its 50-week moving average near $78,700. Historically, this level has signaled the start of a bull market in five of seven cases. Therefore, the reclaim has drawn attention from market observers.

Ted commented on the move through a post on X. He stated that Bitcoin is back around the $80,000 level. According to Ted, a close above the 50-week moving average is the key event this week. If that happens, the case for a cycle bottom will get stronger.

Meanwhile, Ted is watching for a break above $83,000 as confirmation. That target sits above the $78,700 moving average that Doctor Profit cited.

Ash Crypto takes a more measured view of that level. The analyst wants a sustained push past that resistance before declaring a full turnaround.

On the other hand, skeptics remain wary of the current rally. They warn that the Bitcoin price could drop to $60,000 if key supports fail.

Their concern is that buyers may fail to defend those support levels. Such views contrast with the optimism seen among other market participants.

Bitcoin Price Holds Firm as Monthly Signals Emerge

Elite Crypto described the past week as eventful for Bitcoin in a post on X. The CLARITY Act failed in the Senate, and the Federal Reserve raised rates. Additionally, the Bank of Japan hiked rates, and the DXY reclaimed the 100 level. Oil prices also pushed higher.

According to Elite Crypto, these headlines fed a risk-off narrative. Even so, the Bitcoin price kept trading above $80,000. The post then asked whether Bitcoin is becoming more resilient to macro headwinds. It also raised the possibility that the market is simply waiting for its next catalyst.

Separately, Wealthmanager focused on the monthly chart. Bitcoin has turned green for September, with 10 days remaining in the month.

A green September close would give the asset three consecutive green monthly candles. The remaining days could still change the candle’s final color.

Historically, three consecutive green monthly candles have never appeared during a bear market. Wealthmanager said such a close could signal a shift to a bullish market regime. This observation relies on past monthly chart data for Bitcoin. However, the candle must still close green for that signal to form.

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