Matrixport: Bitcoin Remains in Bull Market Territory as Long as Price Stays Above $109,899

BlockBeats News, September 24th, Matrixport posted on its official channel, stating that the fifth Bitcoin bull market is fundamentally different from previous ones, with institutional investors instead of retail traders being the main driver of the price trend.

Analyst Markus Thielen stated that the most significant feature of this cycle is the nesting of three mini bull markets within the overall upward trend (compared to only two in the 2020-21 cycle). The 21-week moving average can serve as a simple and effective indicator of trend health, currently positioned at $109,899. As long as the Bitcoin price stays above this average, the bull market pattern remains intact; a drop below it may signal the start of a more complex phase.