Bitcoin (BTC) continues to rise, and data suggests that the cryptocurrency may go even higher. CryptoQuant analyst Avocado noted that multiple support levels point to a positive long-term trend for BTC. 📈

The seven-day simple moving average (SMA) of Bitcoin’s Funds Flow Ratio and the 30-day SMA of the Implied Leverage Ratio are showing signs of recovery. This could signal the end of the bear market and the beginning of a bull phase.

Also, the 30-day exponential moving average (EMA) of Binary Coin Days Destroyed (CDD) indicates that long-term holders are accumulating BTC. Historically, this signals the end of a bull market.

BTC has gained 7.5% in the past week, which is due to the Fed’s 50 basis point rate cut. At the time of writing, BTC is worth $63,500. 🚀