Bitcoin Breaks Through Key Resistance Levels, Setting Stage for Further Gains

Bitcoin price convincingly broke through major moving average resistance levels like 200-week SMA at $28,400.

This puts many investors, including short-term holders, into profitability above their average break-even price of around $28k.

Long-term holders now own over 75% of Bitcoin supply, despite some profitability challenges. Their cost basis is lower, around $20k.

Breaking resistance levels sets the foundation for resuming Bitcoin's 2023 uptrend, with important weeks ahead.

Bitcoin is up 26% in October so far, a relatively modest monthly gain by historical standards.