BTC’s 200-Week Moving Average Approaches $50,000 Indicating Market Strength
The 200-Week Simple Moving Average (200WMA) for bitcoin is nearing $50,000, currently at approximately $49,223. This indicator has historically provided strong support levels:
- 2015 bear market support around $200
- 2018 bear market support above $3,000
- March 2020 crash low of around $5,300, eventually falling to $3,000
Bitcoin experienced a bear market from June 2022 to October 2023, remaining below the 200WMA, which was approximately $25,000 during that period.
The 200-Day Simple Moving Average (200DMA) sits at $96,246, indicating a bull market. Bitcoin dipped below this average between February and April but remained above it during recent corrections to $98,000 amid geopolitical tensions.
This average has been a reliable indicator of market conditions. With the Nasdaq 100 and S&P 500 reaching new highs, momentum may benefit bitcoin in achieving new all-time highs.