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- Welcome Kevin_Lee to the Gate Square! 🎉
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Bitcoin Might Never Trade Below $48K Again
As noted by Blockstream CEO Adam Back, Bitcoin's 200-week moving average (200 WMA) has now surpassed $48,000 for the first time
It took the 200WMA less than a month to add another $1,000 after initially surpassing $47,000 on May 15
The widely tracked long-term indicator is frequently used by various markets since it makes it possible to filter out short-term volatility
The 200WMA also tends to act as a dynamic support level during major markets. On a few occasions, Bitcoin did dip below the aforementioned level during major sell-offs. For instance, this happened during the disastrous March 2020 market collapse. However, such drops tend to be very short-lived, and they tend to mark generational buying opportunities
Hence, it is widely believed that the 200WMA acts as the ultimate price floor for Bitcoin
In late May, the flagship cryptocurrency reached its current all-time high of $112,000, but it has since given up some of its gains