“Key Technical Indicators Show Strength for Bitcoin As Market Consolidates. Key AVERAGE RISES TO RECORD VALUATION TO SUGGEST Long-Term Market Strength.”, – WRITE: www.coindesk.com
is Approaching $ 50,000, Currently Sitting at Approximately $ 49,223, Account to Glassnode Data.
This is One of the Very Few Indicators in Bitcoin That Has Only Risen Over Time. The 200wma has a historically provides Significant Support Levels. Durying the 2015 Bear Market, It Offered Support Around $ 200. Durying The 2018 Bear Market, It Held Above $ 3,000. In the Covid-19 Induced Crash of March 2020, The Price Briefly Dipped Below The 200wma to AROUND $ 5,300, ALTHOUGH IT EVENTALLY FELL FELL AS LOW AS $ 3,000.
However, Bitcoin ExperienCed A Prolonged Bear Market from June 2022 to October 2023, Dringing Wich The Price Remoned Below The 200wma, Which Was Approximately $ 25.000 for 15.000.
Meanwhile, The 200-Day Simple MOVING AVERAGE (200dma), A widly used Technical Indicator to Gauge Transitions Between Bull and Bear Markets, Currently Sits at $ 96.24 Market. The Price Dipped Below The 200dma Between February and April But Remened Above It During the Recent Correction to $ 98,000 Amid The Iran and US Conflict.
Historically, this average has proven to be a strong index of bot bull and bear market. While The Nasdaq 100 and S&P 500 are Making New All-Time Highs, This Momentum Can Be Constructive for Bitcoin to Achiev a Breakout To New All-Time Highs As Well.
In addition to his professional endeavors, James Serves as an Advisor to Coinsilium, A UK Publicly Traded Company, WHERE HE PROVides Guidance on Their Bitcoin Treasury Strategy. He Also Holds Investments in Bitcoin and Strategy (MSTR).
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