As a seasoned crypto investor with a keen eye for technical analysis, I’m thrilled to see Bitcoin’s 200-day moving average hitting an all-time high of $50,178. This long-term trend indicator is a powerful bullish signal and suggests that the uptrend in Bitcoin’s price is here to stay.
The 200-day moving average for Bitcoin (BTC) has reached a new peak of $50,178. This significant technical marker is often used to forecast the overall direction of Bitcoin’s price trend in the future, implying a potentially optimistic view for the cryptocurrency’s long-term growth.
According to BuyBitcoinWorldwide, the indicator reached its highest point on May 6. This occurs as Bitcoin bounces back from a price decline following the halving event on April 20, which reduced the block rewards to 3.125 BTC and caused the cryptocurrency’s price to dip as low as $56,800.
The 200-day moving average of Bitcoin’s closing prices adds up the last 200 days’ worth of prices and then averages them out, providing a smoother line that represents longer-term trends for traders and analysts to follow.
As a researcher studying Bitcoin (BTC) price trends, I’ve observed that when BTC trades above its 200-day moving average, it generally indicates a bullish long-term trend. Conversely, when prices fall below this average, it usually signals a bearish trend.
During an interview on CNBC’s Squawk Box on May 6, Bitcoin advocate Anthony Pompliano discussed the significance of the 200-day moving average surpassing $50,000 for the first time.
“Over the long run, Bitcoin continues to trend upward even though on a day-to-day basis that price is volatile.”
“Bitcoin’s current sideways movement shouldn’t make you complacent. The underlying long-term argument remains robust,” he stated in a recent Reddit post.
Bitcoin reached a new record high for its 200-day moving average recently. This marks the first time that GBTC has experienced inflows in over two months. Let’s not be complacent with bitcoin’s recent price stability. The underlying long-term argument remains robust. Here is my appearance on CNBC Squawk this morning.— Pomp (@APompliano) May 6, 2024
Based on the analysis of Willy Woo as depicted in his WooCharts price models, the 200-week moving average currently stands at a record high of approximately $34,000. Consequently, this longer-term trend indicator strengthens the optimistic annual forecast for Bitcoin’s price movement.
In mid-October, the cost of a Bitcoin unit surpassed its 200-week moving average mark and hasn’t dipped below it since. presently, market prices are notably higher than the realized price (RP) value, which hovers around $29,000.
As a crypto investor, I would describe the Realized Price (RP) as follows: The RP represents the average price bitcoins were last sold for on the blockchain, calculated by dividing the total value of all past transactions by the current supply of Bitcoin in circulation. It provides insight into the historical price action and serves as a long-term trend indicator.
As an analyst, I’ve noticed that the 50-day moving average for Bitcoin (BTC) has experienced a slight decline since its peak in mid-April. This drop coincides with BTC’s price decrease from its all-time high in mid-March.
Pompliano pointed out that the Grayscale Bitcoin trust, which functions similarly to an ETF for Bitcoin, recorded its initial influx of funds on May 3rd.
After experiencing over $17.5 billion in net outflows since its conversion from a trust to a spot ETF in mid-January, the fund attracted approximately $63 million in new investments.
The trend has persisted: on the 6th of April, there was an intake of funds amounting to $3.9 million, as indicated by initial figures from Farside Investors.
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2024-05-07 07:37