Bitcoin’s Power Touches Record High With Outstanding 200-Day Moving Average

  • May 13, 2024
  • Jennifer Moore
Bitcoin’s Power Touches Record High With Outstanding 200-Day Moving Average

Bitcoin since last year is always in the news for good reasons. It seems that the good news phase continues unabated. Bitcoin even after ETF approval continues to stand out as one of the most popular and valuable cryptocurrencies. Bitcoin’s value is recovering from a post-halving price dip and the cryptocurrency’s value may drop to as low as $56,800. This can take place after the block rewards are reduced by half on April 20. 

Bitcoin’s 200-Day Moving Average Hits All-Time High

The key indicator of long-term trends reached a record touching $50178. Many analysts now claim that this suggests a long-term outlook that is going to be bullish. This is despite the fact that prices may experience volatility in the short term. The 200-day SMA is computed by adding the closing price of Bitcoin in the last 200 days and then dividing it by 200. Short-term price fluctuations may no longer continue and it offers a long-term indicator. The opposite is also true. When the price decreases below the 200-day moving average, it indicates a bearish long-term trend.  

As per Anthony Pompliano, this is the first time, the 200-day moving average exceeded $50,000. He further said that Bitcoin’s long-term trend will remain upward despite the daily price volatility. 

Possible Implications of A Bullish Trend

A bullish trend in a market refers to a phase where prices rise, while bearish markets indicate a phase where prices fall. The bullish trend will induce significant changes in the Bitcoin demand and supply equation. For example, the demand from retail and institutional investors can also increase the demand for Bitcoin. 

From the perspective of investors, a fixed amount should be earmarked for investment to ensure that there is no room for over-investment. The profit target, investment exit, and market show a steady uptrend. Therefore, investors should be aware of risk appetite and diversify crypto assets. 

Also Read- PayBitoPro Insights – Your Crypto Investing Guide

Bottom Line

Bitcoin continues to trend upward daily even though its price is volatile. The 200-day simple moving average is at an all-time high exceeding $50,000. Therefore, the price trends of Bitcoin indicate a bullish long-term outlook. This phase is likely to make investors more cautious than before. Simultaneously, the continuous price rise may increase the credibility of Bitcoin for new users and investors.  

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