Bitcoin Achieves Historic Milestone, Surpasses Key Moving Averages

By: Eva Baxter

Summarized Insights

Recently, key statistical indicators have shown promising signs regarding the performance of Bitcoin. Most notably, the 200-week moving average (WMA) of Bitcoin has for the first time, surged above the $30,000 mark, indicating a significant positive shift in base momentum for Bitcoin. Historically, this 200 WMA has acted as a consistent support system, with deviations during events such as the COVID-19 outbreak in March 2020 and between June 2022 and February 2023.

Additionally, the 365-day moving average (DMA), currently approximating $29,933, is close to overtaking the 200 WMA. This has been a reliable indication of high-time-frame market momentum. However, adding to market strain is the recent descent of Bitcoin’s price action below the 50 DMA, for the first time since July 2023.

The technical analysis offered in this insight is not a projection of future price behaviour or financial advice, it merely aims to retrospectively examine historical trends and evaluation of Bitcoin cycles.