Bitcoin 50-Week Moving Average Currently at $75,195
Analyst James Van Straten highlighted key moving averages (MAs) for Bitcoin, focusing on the 50-week and 200-day MAs.
Key Points
- The 50-week MA is currently at $75,195.
- Bitcoin's price recently fell below the 200-day MA, indicating a bearish trend.
- The 200-day MA serves as a boundary between bullish and bearish markets.
- Historically, falling below the 50-week MA signals a bear market.
- Despite recent declines, Bitcoin has previously recovered after dropping below the 200-day MA.
- Open interest in Bitcoin derivatives decreased by $668 million and by $700 million for Ethereum.
- Bitcoin's price rose by 7% in the last 24 hours, reaching $83,000.
