Bitcoin's (BTC) 200-day moving average has reached a record high of $50,178. This is an important technical indicator for predicting long-term bitcoin price trends, indicating a bullish long-term outlook.
According to BuyBitcoinWorldwide, this indicator peaked on May 6. This came amid bitcoin's recovery from a post-halving slump that saw the price fall to $56,800 after the network's block reward was halved to 3.125 #CryptoWatchMay2024 on April 20.
The 200-day simple moving average (SMA) summarizes the last 200 days of bitcoin's closing price and divides it by 200 to smooth out short-term price fluctuations and give traders and analysts an idea of long-term trends.
Speaking on CNBC's Squawk Box program on May 6, #bitcoin investor Anthony Pumpriano noted that the 200-day moving average broke the $50,000 mark for the first time.
In the long term, bitcoin is in an uptrend, but the daily price is volatile.
Do not be fooled into believing that bitcoin is in a flat state. The long-term thesis remains strong," he added in his X" post.
Bitcoin's 200-day moving average hit an all-time high.
GBTC saw its first inflow of funds in 78 days.
Don't be fooled into thinking bitcoin hasn't changed. The long-term thesis remains strong.
According to analyst Willy Woo's WooCharts price model, the long-term trend indicator, the 200-week moving average, is also at an all-time high just above $34,000, suggesting an even more bullish outlook for the yearly trend.
The bitcoin price crossed the 200-week moving average in mid-October and has remained above that level ever since. The spot price is also well above the realized price (RP) of around $BTC RP is the value of all bitcoins divided by the number of BTC in circulation at the price of the last transaction on the #blockchain , which is also a long-term trend indicator.
However, the short-term 50-day moving average has declined slightly from its peak in mid-April, when BTC fell from its all-time high in mid-March.
Mr.
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