Bitcoin Price Analysis: BTC Closes Above 100-Day MA as Bulls Eye Breakout

Bitcoin is trading at $78.3k as the first weekend of May opens. It has done something it has not managed since the cycle peak, which is closing above the 100-day MA and breaking out of a long-term descending channel that contained the entire bearish trend. The move comes alongside strong daily RSI readings, a successful retest of the breakout level on the 4-hour chart, and an on-chain supply picture that explains pre…