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Bitcoin’s short-term market structure has improved significantly after recovering the short-term holder average cost basis of $68,200 and moving above its 200-day moving average of $69,000 and 111-day moving average of $67,500, on-chain analyst Axel Adler Jr. said.
Still, Adler said the 111-day and 200-day moving averages remain below the 365-day moving average of $83,200, meaning the long-term bearish structure has not been fully reversed. A move above $83,200 followed by sustained trading at that level would be a strong signal supporting a trend reversal, Adler added.