Matrixport: The Current Bitcoin Market is Institutionally Driven with Three Stages of Price Increases

Jinse Finance reported that Matrixport released an analysis chart indicating that the current fifth bitcoin bull market exhibits unique characteristics: it is institutionally driven and has experienced three distinct phases of upward movement, which is notably different from the two phases seen in 2020-2021. Currently, the 21-week moving average is at $109,899 and is regarded as the dividing line between bull and bear markets. The analysis points out that if bitcoin can remain above this moving average, the bull market trend is likely to continue; conversely, if it falls below this level, the market may enter a more challenging phase.