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BTC Bitcoin's long-term support hits record high
The cryptocurrency market has seen a major positive: Bitcoin's key long-term threshold has been exceeded. The 200-week moving average, one of the long-term supporting indicators of Bitcoin's fundamentals, has successfully reached the US$65,000 mark.
What does the new long-term threshold mean?
Data released by Blockstream CEO Adam Back reveals this important level. A chart based on "Look Into Bitcoin" data shows that the 200-week moving average, which previously hovered around $64,000 in August, hit a new high in just one month.
Blockstream is known for its focus on Bitcoin infrastructure and enterprise solutions, and its leader Adam Baker is a well-known figure in the field of cryptography and a veteran practitioner of the Bitcoin ecosystem. His analysis emphasizes that Bitcoin's mathematical foundation has achieved a historic breakthrough, indicating that its long-term framework is continuing to be consolidated.
Interpreting the 200-week moving average
The 200-week moving average provides a window into long-term trends in Bitcoin by focusing on asset price movements over the past four years. This cycle usually coincides with the market cycle, can effectively filter short-term fluctuations and daily price noise, and provide more reference values for measurement.
Historically, this level has been a strong support area for Bitcoin. In past bear markets, price breaks below this moving average are extremely rare and often coincide with major global economic turmoil.
In the spot market, bitcoin prices remain in the range of US$76,000 to US$77,000, well above the 200-week moving average. This significant difference suggests that selling pressure has far exceeded historical support. This is mainly due to long-term investors absorbing market supply, thereby further strengthening the support line.
The 200-week moving average exceeded US$65,000, indicating that Bitcoin is less likely to stabilize at low levels. The huge gap between the spot price and the historical average further confirms the strength of Bitcoin's support. Analysts pointed out that if current trends are maintained, the chances of prices returning to the US$60,000 to US$64,000 range are decreasing.
With these developments, the possibility of Bitcoin falling below this new benchmark is declining, prompting a better mood among some market participants. Analysts believe that asset upward momentum is more in line with cyclical mathematical trends rather than short-term price fluctuations.
