Bitcoin’s 200-week moving average breaks above $30,000 in market milestone

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    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.

    Technical Pricing Models: (Source: Glassnode)
    Technical Pricing Models: (Source: Glassnode)

    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.

    Technical Pricing Models: (Source: Glassnode)
    Technical Pricing Models: (Source: Glassnode)

    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.

    The post Bitcoin’s 200-week moving average breaks above $30,000 in market milestone appeared first on CryptoSlate.

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