The long-term Bitcoin trend indicators — the 200-day and 200-week moving averages — are at the highest-ever levels, with Anthony Pompliano saying that BTC is “as strong as ever.”
Bitcoin ‘as strong as ever’ with record high 200-day moving average
The long-term Bitcoin trend indicators — the 200-day and 200-week moving averages — are at the highest-ever levels, with Anthony Pompliano saying that BTC is “as strong as ever.”
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Collect this article as NFTThe 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
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.
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 circulation and another long-term trend indicator.
However, the shorter-term 50-day moving average has dipped a little from its peak in mid-April as BTC dropped from its mid-March all-time high.
Pompliano also mentioned that the Grayscale spot Bitcoin exchange-traded fund (ETF) posted its first inflows on May 3.
The fund saw an inflow of $63 million after seeing net outflows of more than $17.5 billion since it was converted from a trust to a spot ETF in mid-January.
The momentum has continued. On April 6, the fund also posted an inflow, albeit a smaller one at $3.9 million, according to preliminary data from Farside Investors.