- Bitcoin’s 200-week moving average now exceeds $47,000, indicating strengthened long-term support and investor confidence.
- The cryptocurrency reached a daily high of $104,002, rising 22 percent in the past month on increased institutional demand.
- The 200-week moving average is attracting buyers during downturns, reinforcing it as a strong technical floor for Bitcoin’s price.
Bitcoin’s 200-week moving average has climbed past the $47,000 mark, according to Blockstream CEO Adam Back. It took less than one month for this level to be reached after the average had crossed $46,000. This 200-week moving average is significant and most consider it a strong support level for cryptocurrencies.
Therefore, Bitcoin is likely to remain above this level whenever the price experiences a dip. Many times, the 200-week moving average has helped the market recover from major falls. For a period last year, Bitcoin’s value went below $5,000 in March, but then it soon recovered.
A Surge in the Market
In the early hours today, Bitcoin reached its highest price within one day at $104,002, reports CoinGecko. The largest cryptocurrency has gone up by 22 percent in the last thirty days. As institutions return with interest, people’s faith in cryptocurrencies grows, pushing up prices.
During down periods, investors are strongly affected by psychology, and often, the 200-week moving average helps to collect assets. Recent trends in the long-term average suggest that demand for shares remains strong, even during tough and uncertain times.
Meanwhile, other assets in the cryptocurrency space continue to show movement. A cryptic post by a major exchange has stirred excitement within the XRP community. At the same time, the founder of Dogecoin has voiced concerns over the potential economic impacts of a rising asset bubble, though Bitcoin’s trajectory remains distinctly bullish.
