Historical trends tied to a key indicator suggest that Bitcoin (BTC) has a lot of upside -down left while altered inflation in the US threatens to challenge the current uprising.
The 200-week Simple Moving Average (SMA) of Bitcoin price, which alleviates short-term market fluctuations to provide a clearer picture of the overall trend, stands at $ 44,200 at the time of writing, according In tradingview.
Although this average is at its highest point, it is still significant below the previous peak of the Bull Market market of $ 69,000 in November 2021.
That could be an important point because previous data shows bull markets ending in 200-week SMA rising in record prices established in the previous bull running.
For example, the previous bull market ended in late 2021 with the 200-week SMA rising to $ 19,000, the 2017 Bull Market Peak. Similarly, the Bull Market of 2017 ended in December of that year, with the 200-week SMA rising a record price of over $ 1,200 set four years ago.
If previous trends are true, the current Bitcoin range between $ 90,000 and $ 110,000 is likely to resolve the bullishly, which sets the way for the next upward movement.
Pricing derivit options supports the bullish outlook offered by 200-week SMA. For example, according to the data resource data, options with three months or longer -term expirations or longer show that call options are more expensive than placing options, indicating a hope In the market of increasing prices.
Further, most of the open interest is Puro sa Call on strike options higher than the price of going to the BTC market of $ 96,700. Like writing, the call to call the $ 120k strike is the most popular, boasting a notional open interest of over $ 1.8 billion, reflecting bullish expectations. Open interest refers to the number of contracts active or open at a given time.
