BTC Pushes Its 200-Week Average Up to $50,000, Reflecting Strong Long-Term Fundamentals

Bitcoin Holds Firm as Technical Indicators Signal Strong Long-Term Support

Bitcoin is showing resilience during a period of price consolidation, with major technical averages pointing to solid market fundamentals. A significant long-term average is approaching a historic high, underscoring continued investor confidence.

Glassnode reports that Bitcoin’s 200-Week Simple Moving Average (200WMA) has risen to approximately $49,223, edging closer to the $50,000 mark. This average has been one of the few indicators in Bitcoin’s history to consistently move higher, reflecting the asset’s steady long-term growth.

Throughout past market downturns, the 200WMA has acted as a vital support level. It held firm around $200 during the 2015 bear market, stayed above $3,000 in the 2018 slump, and dipped only briefly during the March 2020 COVID-19 crash, when Bitcoin temporarily dropped to roughly $5,300, although lows went as far as $3,000.

However, between June 2022 and October 2023, Bitcoin experienced an extended bear market, trading below the 200WMA—then near $25,000—for about 15 months.

Meanwhile, Bitcoin’s 200-Day Simple Moving Average (200DMA)—a key technical measure often used to gauge broader market trends—currently sits at $96,246, signaling that the market remains in bullish territory. Despite briefly slipping below this level between February and April, Bitcoin held above it during the recent dip to $98,000 amid geopolitical tensions involving Iran and the U.S.

Historically, the 200DMA has proven to be a reliable barometer for market sentiment. As the Nasdaq 100 and S&P 500 continue reaching fresh record highs, that positive momentum could help propel Bitcoin toward new all-time price levels as well.