It’s been 118 days since Bitcoin last closed at an all-time high. Yesterday, it finally broke that level. This is now the highest daily close ever.
Here’s the chart:
Let's break down what the chart shows:
The black line in the top panel shows the price of Bitcoin.
The blue line in the top panel is the 50-day moving average of Bitcoin.
The red line in the top panel is the 200-day moving average of Bitcoin.
The greenandredlines in the bottom panel represent the 14-period daily Relative Strength Index (RSI) for the price of Bitcoin. When the line is green it indicates that bitcoin is in a bullish regime, while when the line is red it signifies a bearish regime.
The Takeaway: Year to date, Bitcoin is up more than 14%. Over the past year, it’s gained 49%.
The trend is strong.
Bitcoin is 15.6% above its 50-day moving average and 14.9% above the 200-day. Both averages are rising. They’re close to forming a golden crossover—when the 50-day crosses above the 200-day. That’s a bullish signal.
Momentum confirms this move. The RSI shows Bitcoin is in a bullish regime. It’s not stretched. It’s just strong.
Why does this matter?
Bitcoin often leads when risk appetite is high. When markets are nervous, it tends to lag. Right now, it’s leading. That tells us investors are comfortable taking on risk.
The key now is follow-through.
Will we continue to see more new highs? Will Bitcoin stay above these moving averages? Will momentum continue to be strong? If so, that would send a clear risk-on message to the rest of the market.
For now, the trend is up. So don't fight the trend!
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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