Bitcoin ‘as strong as ever’ with record high 200-day moving average

The Bitcoin 200-day moving average is at an all-time high of $50,178, a key technical indicator for predicting long-term Bitcoin price trends suggesting a bullish long-term outlook.

The indicator hit its peak on May 6, according to BuyBitcoinWorldwide. It comes as Bitcoin  (BTC) recovers from a post-halving price dip that saw it drop as low as $56,800 after the network’s block rewards were halved to 3.125 BTC on April 20.

The 200-day simple moving average (SMA) sums the last 200 days of Bitcoin’s closing price and divides it by 200 to iron out short-term price fluctuations, aiming to show traders and analysts a long-term trend indicator.

When BTC prices are trading above this indicator — as it is now — it typically suggests that the long-term trend is bullish, whereas the opposite is the case when prices drop below the 200-day moving average.

Speaking on CNBC’s Squawk Box on May 6, Bitcoiner Anthony Pompliano commented on the 200-day moving average crossing $50,000 for the first time.

“Over the long run, Bitcoin continues to trend upward even though on a day-to-day basis that price is volatile.”

“Don’t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever,” he added in an X post.

Bitcoin’s 200 day moving average just hit a new all-time high.

GBTC saw the first day of inflows in 78 days.

Don’t get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.

Here is my segment on @SquawkCNBC this morning. pic.twitter.com/BG6GkzqVIi

— Pomp (@APompliano) May 6, 2024

According to analyst Willy Woo’s WooCharts price models, the 200-week moving average, a much longer-term trend indicator, is also at an all-time high of just over $34,000, meaning that the yearly trend outlook is even more bullish.

The price of Bitcoin crossed the 200-week moving average level in mid-October and has been above it ever since. Spot prices are also significantly higher than the realized price (RP) indicator, which is around $29,000.

The RP is a measure of the value of all Bitcoin at the price they were last transacted on-chain divided by the number of BTC in…

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