The 200-week simple moving average (200wma) For Bitcoin
is approaching $ 50,000, currently sitting at about $ 49,223, according to glassnode data.
This is one of the very few indicators in Bitcoin that only rise over time. 200WMa has a history that has provided a significant level of support. During the 2015 Bear Market, it offered support around $ 200. During the 2018 Bear Market, it will be held above $ 3,000. In the Covid-19 mandatory crash in March 2020, the price was briefly submerged below 200WMA to around $ 5,300, though it eventually fell $ 3,000.
However, Bitcoin experienced a long bear market from June 2022 to October 2023, where the price remained below 200WMA, approximately $ 25,000 for about 15 months.
Meanwhile, the 200-day simple moving average (200DMA). The price sank below 200dma between February and April but remained above it during recent correction to $ 98,000 in the middle of Iran and the US Conflict.
Historically, this average has proven to be a powerful indicator of both bull conditions and bear markets. While NASDAQ 100 and S&P 500 are making new all-time highs, it Momentum can be constructive For Bitcoin to achieve a breakout with new all-time highs too.
