Bitcoin

DeFi

April

Planet

<div class="intro-text"> 
 Bitcoin’s 200-day moving average has surged to a record high of $50,178, signalling a bullish long-term outlook, as <a style="color: #0000ff;" href="https://buybitcoinworldwide.com/charts/200-day-moving-average/">reported by BuyBitcoinWorldwide</a> on May 6. 
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This milestone comes amid Bitcoin’s recovery from a <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/everything-you-need-to-know-about-bitcoin-halving/#:~:text=The%20first%20halving%20event%2C%20which,to%203.125%20Bitcoins%20per%20block.">post-halving</a> price dip, which saw it drop to as low as $56,800 after the network’s block rewards were halved to 3.125 BTC on April 20. 
The <a style="color: #0000ff;" href="https://www.investopedia.com/ask/answers/013015/why-200-simple-moving-average-sma-so-common-traders-and-analysts.asp#:~:text=The%20200%2Dday%20simple%20moving%20average%20(SMA)%20is%20considered,chart%20and%20other%20moving%20averages.">200-day simple moving</a> average (SMA) is a crucial technical indicator that smooths out short-term price fluctuations by summing the last 200 days of Bitcoin’s closing prices and dividing by 200.&nbsp; 
Traders and analysts use this indicator to identify long-term trends. When Bitcoin’s price is trading above this indicator, it typically suggests a bullish long-term trend. 
Bitcoin advocate Anthony Pompliano <a href="https://twitter.com/APompliano/status/1787466346671817208?t=_-FnmYsUL583awFXln0pbw&amp;s=19">shared</a> his insights on CNBC’s Squawk Box, stating, “Over the long run, Bitcoin continues to trend upward even though on a day-to-day basis that price is volatile.”&nbsp; 
He cautioned against being misled by sideways price movements, emphasizing that the long-term thesis for Bitcoin remains robust. 
<blockquote class="pullquote align-center">
 “Don’t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever,” 
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he <a href="https://twitter.com/APompliano/status/1787466346671817208?t=Ljbd1zOLq8TyK4nPTWh0sg&amp;s=19">added</a> in an X post. 
Analyst Willy Woo’s <a href="https://woocharts.com/bitcoin-price-models/">WooCharts</a> price models further support the bullish outlook, showing that the 200-week moving average, a much longer-term trend indicator, is also at an all-time high of just over $34,000. This indicates a positive trend for Bitcoin’s yearly outlook. 
In addition to these indicators, the Grayscale spot Bitcoin exchange-traded fund (ETF) saw its first inflows since mid-January, with $63 million entering the fund on May 3 <a href="https://farside.co.uk/?p=1321">according to Farside Preliminary data.</a> 
This follows a period of net outflows totaling more than $17.5 billion. The fund also saw a smaller inflow of $3.9 million on April 6, <a href="https://farside.co.uk/?p=997">according to preliminary data from Farside Investors</a>. 
While the shorter-term 50-day moving average has dipped slightly from its peak in mid-April, the overall sentiment remains positive for Bitcoin’s price trajectory. 
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The post <a href="https://defi-planet.com/2024/05/bitcoin-remains-robust-showing-a-record-high-200-day-moving-average/">Bitcoin Remains Robust, Showing a Record-High 200-Day Moving Average</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin Remains Robust, Showing a Record-High 200-Day Moving Average

DeFi Planet

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