BTC's 200-Week Average Rises to $50K to Suggest Long-Term Market Strength

The 200-Week Simple Moving Average (200WMA) for bitcoin BTC is approaching $50,000, presently sitting astatine astir $49,223, according to Glassnode data.

This is 1 of the precise fewer indicators successful bitcoin that has lone risen implicit time. The 200WMA has historically provided important enactment levels. During the 2015 carnivore market, it offered enactment astir $200. During the 2018 carnivore market, it held supra $3,000. In the covid-19 induced clang of March 2020, the terms concisely dipped beneath the 200WMA to astir $5,300, though it yet fell arsenic debased arsenic $3,000.

However, bitcoin experienced a prolonged carnivore marketplace from June 2022 to October 2023, during which the terms remained beneath the 200WMA, which was astir $25,000 for those 15 months.

Meanwhile, the 200-Day elemental moving mean (200DMA), a wide utilized method indicator to gauge transitions betwixt bull and carnivore markets, presently sits astatine $96,246, indicating that bitcoin is successful a bull market. The terms dipped beneath the 200DMA betwixt February and April but remained supra it during the caller correction to $98,000 amid the Iran and US conflict.

Historically, this mean has proven to beryllium a beardown indicator of some bull and carnivore marketplace conditions. While the Nasdaq 100 and S&P 500 are making caller all-time highs, this momentum tin beryllium constructive for bitcoin to execute a breakout to caller all-time highs arsenic well.