One of the most bullish crypto investors, Michael Saylor, recently posted on X that "Winter's Over," alluding to the decline in Bitcoin (CRYPTO: $BTC) over the past several months. The leading cryptocurrency has fallen around 11% this year, and it's down nearly 40% from the highs that it reached last year, when it rose to more than $126,000.
The excitement and enthusiasm has been fading for much of 2026. However, in recent weeks, Bitcoin has been picking up some momentum, likely prompting the founder & chairman of Strategy Inc. (NASDAQ: $MSTR) to make his post on X, in which he was on horseback in a fur coat, in a Game of Thrones inspired image.
On Friday, Bitcoin was trading around $78,000, which is up about 30% from the lows it hit in early February when it was barely able to stay above the $60,000 mark. In recent weeks, Bitcoin's 20-day moving average crossed over its 50-day moving average, which is a strong bullish crossover that can lead to more excitement and buying from technical analysts. The cryptocurrency, however, is still trading below its 200-day moving average, which is currently around $85,000. If it can rise above that, there may be even more of a rally ahead.
• Ripple, The Company Behind XRP, Is Valued At $50 Billion
Its recent rally has coincided with greater excitement in the overall stock market, as the S&P 500 has also been rising since the start of April. There's been more speculation in the markets as a whole, which has helped fuel Bitcoin and many other types of investments along the way.
Bitcoin is now trading at the highest levels it's been at since early February, when it was in the midst of a decline. The big test will be if it can rise above $80,000 in the coming days, because if it does, it could lead to an even greater surge.