BTC move above $83.2K seen as key to trend reversal

On-chain analyst Axel Adler Jr. said BTC’s short-term market structure has improved markedly after recovering the short-term holder average cost basis of $68,200 and moving above the 200-day moving average of $69,000 and the 111-day moving average of $67,500. However, Adler added the 111-day and 200-day moving averages both remain below the 365-day moving average of $83,200, meaning the longer-term bearish structure has not been fully reversed. A break above and hold over $83,200 could provide a strong signal supporting a trend reversal, Adler said.