Bitcoin breaks above 200-day moving average for first time since November
The BTC price reclaimed its 200-day moving average for the first time in nine months as its rally gained momentum after the US Treasury expanded its bond buybacks.
Bitcoin has breached its 200-day moving average for the first time in nearly nine months, according to data from charting platform Barchart. This milestone occurred on Thursday, following a rally that pushed the cryptocurrency price above $73,000, as reported by TradingView. The 200-day moving average is a widely-used technical indicator to gauge longer-term market trends, with a break above this level typically signaling bullish momentum.
The move came just a month after Bitcoin reached an all-time high above $126,000. The surge was fueled by an expansion of US Treasury bond buybacks by the US Treasury Department, which aimed to boost liquidity in the long-dated Treasury market and increase risk appetite in financial markets. This development has sparked optimism that the broader downtrend in Bitcoin may be weakening, with some analysts suggesting a potential rally toward $100,000 by the end of the year.
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