Bitcoin is as strong as ever – price analysis by CoinTelegraph
The Bitcoin 200-day moving average is at an all-time high of $50,178, a key technical indicator for predicting long-term Bitcoin price trends suggesting a bullish long-term outlook.
The indicator hit its peak on May 6, according to BuyBitcoinWorldwide. It comes as Bitcoin BTC recovers from a post-halving price dip that saw it drop as low as $56,800 after the network’s block rewards were halved to 3.125 BTC on April 20.
The 200-day simple moving average (SMA) sums the last 200 days of Bitcoin’s closing price and divides it by 200 to iron out short-term price fluctuations, aiming to show traders and analysts a long-term trend indicator.
When BTC prices are trading above this indicator — as it is now — it typically suggests that the long-term trend is bullish, whereas the opposite is the case when prices drop below the 200-day moving average.
According to analyst Willy Woo’s WooCharts price models, the 200-week moving average, a much longer-term trend indicator, is also at an all-time high of just over $34,000, meaning that the yearly trend outlook is even more bullish.
The price of Bitcoin crossed the 200-week moving average level in mid-October and has been above it ever since. Spot prices are also significantly higher than the realized price (RP) indicator, which is around $29,000.
