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Bitcoin is trading above the $80,000 level, with $83,000 emerging as a critical resistance point for the market. Julio Moreno, Head of Research at CryptoQuant, noted that the 365-day moving average on Bitcoin’s daily chart represents a significant resistance level, potentially acting as the “last boss” in the current uptrend.
According to Moreno’s assessment, Bitcoin surpassing this moving average could pave the way for the cryptocurrency to advance to higher levels. The analyst stated that the 365-day moving average is around $83,000. Therefore, investors are expected to closely monitor Bitcoin’s price movements in this region in the short term.
According to the data, Bitcoin was trading at $80,868 at the time of writing. The cryptocurrency had gained 2.38 percent compared to the previous day. Thus, Bitcoin is approximately $2,100 away from the critical resistance level of $83,000.
In technical analysis, moving averages are used to assess the overall market trend by showing the average price of an asset over specific periods. The 365-day moving average is among the important indicators that long-term investors and analysts follow to examine the trend of Bitcoin.
It is believed that if Bitcoin breaks through the $83,000 resistance level, the market could maintain its upward momentum; however, failure to surpass this level could lead to short-term profit-taking or consolidation. Following the recent rapid rise, it is particularly important for investors to closely monitor changes in technical indicators.
Moreno’s statement suggests that Bitcoin is approaching a critical threshold in its current upward movement, with the $83,000 level emerging as a decisive area for the market’s short-term direction.
*This is not investment advice.
Source: cryptonews.net