The 200-week simple sliding average (200WMA) For Bitcoin
is approaching $ 50,000 currently sitting at approximately $ 49,223, according to Glassnode data.
This is one of the very few indicators in Bitcoin that has only risen over time. 200WMA has historically given significant level of support. During the Bear Market 2015, it offered support around $ 200. During the Bear Market 2018, it held over $ 3,000. In the Covid-19 induced crash in March 2020, the price dipped briefly under 200WMA for about $ 5,300, although it eventually fell as low as $ 3,000.
However, Bitcoin experienced a long -standing bear market from June 2022 to October 2023, when the award remained under 200WMA, which was approx. $ 25,000 for these 15 months.
Meanwhile it’s 200-day simple sliding average (200dma)A widely used technical indicator to measure transitions between bull and bear markets is currently at $ 96,246, indicating that Bitcoin is in a bull market. The award dipped under 200DMA between February and April, but remained over it under the recent correction to $ 98,000 in the middle of Iran and US conflict.
Historically, this average has proven to be a strong indicator of both bull and bear market conditions. While the NASDAQ 100 and S&P 500 make new heights all the time, this momentum can be constructive for Bitcoin to achieve a breakout for new all times.
