Bitcoin Recovers 12-Month Moving Average, Signaling Long-Term Trend Reversal
Price ActionDigital Finance
Bitcoin started this month trading near 9.92 million yen and has risen to around 12.6 million yen, marking a monthly gain of about 26%. It has climbed above its 12-month moving average, suggesting a reversal of the long-term trend. On August 19, short position liquidations in the futures market totaled approximately $690 million, one of the largest in the past five years, contributing to the sharp rally. Inflows into U.S. spot ETFs have also continued, underpinned by institutional buying demand. On the upside, the May high near 13 million yen is seen as resistance, and a decline in the ADX suggests possible consolidation. Next month, the focus will be on breaking above 13 million yen. If it breaks through, the uptrend will likely continue; if it is held back, support around the 12-month moving average and the 11 million yen level will be crucial.
