Quick Take
Bitcoin’s short-term price action is currently navigating through an intriguing phase. For the first time, Bitcoin’s 200-week moving average (WMA) has surged above $30,000, indicating a significant shift in the baseline momentum of Bitcoin’s classic four-year cycle. This 200 WMA has historically been a consistent support system, barring a few instances, such as during the COVID-19 outbreak in March 2020 and between June 2022 and February 2023.
In an impending event, the 365-day moving average (DMA), currently priced at $29,933, is on the verge of rising above the 200 WMA. The 365 DMA has traditionally served as a sturdy baseline for high-time-frame market momentum.
Further deepening the intrigue of Bitcoin’s price action is the recent dip below the 50 DMA, valued at $42,600, for the first time since July 2023. A struggle is underway to reclaim this level, adding complexity to the present Bitcoin market dynamics.
The technical analysis within this insight is not intended to be any prediction of future price action or financial advice. It serves only as a retrospective look at historical trends and analysis of Bitcoin cycles. The analysis looks to identify the average price of Bitcoin across different time periods as a way to measure the current price action against historic Bitcoin purchases.
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Source: https://cryptoslate.com/insights/bitcoins-200-week-moving-average-breaks-above-30000-in-market-milestone/