In a recent tweet, Bitcoin pioneer and Blockstream CEO Adam Back noted that Bitcoin’s 200-Week Moving Average had surpassed $61,000.
The 200-Week Moving Average remains significant as it provides a tool that captures the baseline momentum of a classic 4-year Bitcoin cycle. Bitcoin’s 200-week moving average (200WMA), which is a long-term trendline, is often seen as a dividing line between bear and bull markets. The 200WMA is viewed as a long-term support level that has historically defined the floor during bear markets.
The recent tweet from Back marks an update to what he posted on May 4, when the Bitcoin 200WMA surpassed $60,000. Back had frequently kept an eye on the Bitcoin 200WMA, keeping track of even the slightest increases.
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Back reported when the Bitcoin 200WMA surpassed $59,000 in late March. Bitcoin is down nearly 42% from an all-time high of $126,198 reached last October.
Regardless of the short-term price drop, what is obvious from Back’s tweets is that the 200 weekly MA continues to trend upward. This suggests that Bitcoin’s long-term trend remains intact notwithstanding the short-term price fluctuations.
Bitcoin short-term price action
Bitcoin fell for four straight days, reaching a low of $72,364 on May 29 before slightly rebounding.
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At the time of writing, Bitcoin was down 0.05% in the last 24 hours to $73,544. Analysts highlight $70,000 as the primary on-chain support target, which marks traders’ on-chain realized price.
Traders are currently weighing comments from Federal Reserve Governor Michelle Bowman, who on Friday cautioned against raising interest rates to address the current spike in prices.
With inflation well above the central bank’s 2% target, markets are expecting the Fed to stay on hold this year, then possibly start raising rates in early 2027. Current pricing is indicating virtually no chance of cuts anytime through at least 2027.
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