Bitcoin (BTC)’s 200-day moving average is at an all-time high of $50,178, an important technical indicator for predicting long-term Bitcoin price trends, suggesting a bullish long-term outlook.
This indicator reached its peak on May 6th. according to Buy Bitcoin worldwide. This comes as Bitcoin is recovering from a post-halving price drop that saw it drop to $56,800 after the network’s block reward was halved to 3.125 BTC on April 20th.
The 200-day simple moving average (SMA) sums the last 200 days of Bitcoin’s closing prices and divides it by 200 to correct for short-term price fluctuations and give traders and analysts an indicator of long-term trends. The purpose is that.
When BTC price is trading above this indicator, as it is currently, it usually suggests that the long-term trend is bullish, while the opposite is true when price is below the 200-day moving average. .
Bitcoiner Anthony Pompliano spoke on CNBC’s Squawk Box on May 6th. commented The 200-day moving average exceeded $50,000 for the first time.
“Despite the day-to-day price volatility, Bitcoin is trending upward in the long term.”
“Don’t fall asleep on Bitcoin’s sidelines. The long-term thesis is as strong as ever,” he added in the X post.
Bitcoin’s 200-day moving average has hit a new all-time high.
This was the first capital inflow in GBTC in 78 days.
Don’t be put off by Bitcoin’s plateau. The long-term thesis remains strong.
this is my segment @squawknbc this morning. pic.twitter.com/BG6GkzqVIi
— Pump (@APompliano) May 6, 2024
According to analyst Willy Woo’s WooCharts price The 200-week moving average, a longer-term trend indicator, is also at an all-time high just above $34,000 in the model, meaning the outlook for the yearly trend is even more bullish.
Bitcoin price surpassed the 200-week moving average level in mid-October and has remained above that level ever since. The spot price is also significantly higher than the Realized Price (RP) indicator of approximately $29,000.
RP is the value of all Bitcoins at the last traded price on-chain divided by the number of BTC in circulation and another long-term trend indicator.
However, as BTC has fallen from its all-time high in mid-March, the short-term 50-day moving average has fallen slightly from its mid-April peak.
Related: Bitcoin price rises to $65,000 but still in ‘prime buy zone’
Pompliano also noted that the Grayscale Spot Bitcoin exchange-traded fund (ETF) recorded its first inflow on May 3.
The fund has recorded net outflows of more than $17.5 billion, followed by inflows of $63 million since converting from a trust to a spot ETF in mid-January.
The momentum continues. According to preliminary reports, the fund also recorded a small inflow of $3.9 million on April 6th. data From Farside Investors.
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