Bitcoin climbed above its 100-day moving average, while Strategy moves back above its 200-week trend level.
What to know:
- Bitcoin’s move above $77,000 marks its first decisive breakout since the early February selloff, with price now firmly above its 100-day moving average.
- Strategy is back in profit on its bitcoin holdings and trading above its 200-week moving average, for the first time since February, signaling improving long-term momentum.
Bitcoin has decisively broken above $77,000 for the first time since its sharp selloff on Feb. 5, when it dropped to a low near $60,000.
The breakout also carries positive implications for Strategy (MSTR), the largest publicly traded holder of bitcoin. The company is now back in profit on its bitcoin holdings, with an average purchase price of $75,577.
Ahead 8% today, MSTR is also trading above its 200-week moving average, a long-term trend indicator that smooths price data over roughly 4 years.
BTC has rallied more than 25% and now trades above its 100-day moving average (100DMA) of $74,774 since bottoming in early February. The previous two tests of this level resulted in rejections and further downside, adding weight to the current move higher.
Bitcoin briefly traded as high as $76,700 on Feb. 4 before continuing lower. A later recovery attempt on March 17 also stalled at $76,013, making the current breakout above $76,300 more notable.
