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Bitcoin could attempt to set a new all-time high if it breaks above $87,165, its 20-month simple moving average, Cointelegraph reported, citing a CryptoQuant analysis.
CryptoQuant contributor GugaOnChain said BTC is trying to reclaim the 20-month moving average it lost in December last year. In past instances when Bitcoin broke above that resistance level, a new cycle peak formed, according to the analysis. The price level is also close to this year’s opening price of $87,490, making it a key resistance zone, GugaOnChain said. Separately, CryptoQuant’s bull-bear market cycle indicator rose to 0.186 recently from 0.042 in August, suggesting bullish momentum is strengthening.