#Bitcoin above $85,000 is now a bull market.#
Hot Topic Overview
Overview
There is a new bullish signal in the Bitcoin market, put forth by crypto fintech firm Matrixport. They believe that Bitcoin's 21-week moving average (approximately 147 days) can serve as an effective indicator of market trends. When Bitcoin's price is above this moving average, the market is in a bull phase, making it suitable for holding long positions. Conversely, caution should be exercised when the price falls below the moving average. Historical data shows that this moving average has successfully captured major market trends, including the bull markets of 2020 and 2023, and the bear market phase of 2022. Currently, the moving average sits at approximately $85,000. As long as Bitcoin's price stays above this level, the market can be considered to be in a bull phase.
Ace Hot Topic Analysis
Analysis
Recently, cryptocurrency analytics platform Matrixport released a report highlighting the 21-week moving average (approximately 147 days) of Bitcoin as a crucial indicator of market trends. The platform argues that when Bitcoin's price is above the 21-week moving average, the market is in a bull phase, making it favorable to hold long positions. Conversely, caution should be exercised when the price falls below this average. Historical data shows that this indicator successfully captured major market trends during the bull runs in 2020 and 2023, as well as the bear market in 2022. Currently, the Bitcoin 21-week moving average sits around $85,000, implying that as long as Bitcoin remains above this level, the market can be considered to be in a bullish phase.
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Public Sentiment
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Classic Views
Bitcoin price is above the 21-week moving average (approximately 147 days), which is suitable for holding a long position, and the market can be considered to be in a bull market.
The 21-week moving average has successfully captured major market trends many times, including the bull markets of 2020 and 2023, and the bear market of 2022.
The current 21-week moving average is around $85,000. As long as the price of Bitcoin remains above this level, the market can be considered to be in a bull market.
Bitcoin, as a cyclical and trend-driven asset, can be judged by its movement through the 21-week moving average.