The S&P 500 index has returned to the 200-day moving average, providing support for Bitcoin

ChainCatcher news, according to CoinDesk, the S&P 500 index broke through the 200-day moving average (200 DMA) for the first time on March 24, which may signal the arrival of a long-term bullish trend and also provides a positive signal for Bitcoin (BTC).

The S&P 500 index rose 1.7% on Monday, continuing last week's upward momentum and breaking through this key technical indicator of the average closing price over the past 200 trading days. Previously, the index had experienced a 10% pullback lasting several months, and this breakthrough may mark the end of the market correction period. The 200-day moving average is often used as an important reference for assessing market trends and potential turning points.

Bitcoin's recent performance has been in sync with the S&P 500. After breaking through its 200-day moving average ($85,046) over the weekend, it is currently trading above $88,000. The next key resistance level is $93,245, corresponding to the on-chain average cost price for short-term holders.