Bitcoin’s long term trend indicators are at their highest ever levels.
Today we’ll be taking a look at:
🟢 200 Day Moving Average (200DMA): sums the last 200 days of Bitcoin’s closing price and divides it by 200 to smooth out fluctuations
🔴 200 Week Moving Average (200WMA): same as 200DMA but uses weekly closing price instead.
The 200DMA just hit an all-time high of $50,087.
And the 200WMA also just hit an all-time high of $34,142.
Both of these metrics suggest a long-term bullish outlook.
What’s more is that Bitcoin’s price has been trading above both of these indicators since October 2023.
Once again suggesting a bullish outlook.
(The opposite is also true - Bitcoin trading below these indicators is bearish)
Over the long run, Bitcoin continues to trend upwards.
It may not feel like it right now but Bitcoin is as strong as ever.