Bitcoin price around 200-day SMA could signal upcoming bullish phase


Quick
Take

The
200-day
Simple
Moving
Average
(SMA)
is
a
pivotal
indicator
in
technical
analysis,
marking
the
transition
between
bull
and
bear
markets.
On
July
4,

Bitcoin
dipped
below
this
critical
threshold
for
the
first
time
since
August
2023.
The
current
200-day
SMA
is
at
$58,720,
and
Bitcoin’s
price
is
hovering
around
$57,000.

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Historically,
Bitcoin
has
dipped
below
the
200-day
SMA
during
bull
markets,
only
to
reclaim
it
and
continue
its
upward
trajectory.
This
pattern
was
evident
before
the
2016-2017
bull
market,
where
Bitcoin
fell
below
the
200-day
SMA
for
three
months
before
surging
upward
to
start
the
bull
market.

Similarly,
during
the
2018-2019
bear
market,
Bitcoin
climbed
above
the
200-day
SMA
in
mid-2019,
fell
back,
and
then
ascended
again.
The
COVID-19
pandemic
briefly
disrupted
this
trend,
but
without
it,
Bitcoin
likely
would
have
remained
above
the
200-day
SMA.

In
the
2022
bear
market,
Bitcoin
reclaimed
the
200-day
SMA
in
early
2023,
dipped
below
it
in
August,
and
stayed
under
until
October
before
continuing
its
bull
run.
We
now
face
a
critical
juncture:
if
Bitcoin
can
reclaim
the
200-day
SMA,
it
could
signal
the
start
of
a
new
bullish
phase.

The
accompanying
chart
illustrates
these
historical
trends,
highlighting
the
importance
of
the
200-day
SMA
in
Bitcoin’s
price
movements.
Notable
points
include
the
dips
and
subsequent
recoveries
in
2015,
2019,
and
2023,
highlighting
the
potential
for
a
similar
rebound
if
Bitcoin
can
rise
above
this
key
indicator
again.

Coinbase Banner  
Bitcoin:
200DMA:
(Source:
Glassnode)

Go to Source
Author: James Van Straten


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