• Bitcoin has reclaimed over $24,500 and flipped multiple-day moving averages in the process.
• The 200-week moving average (200-WMA), which has been a reliable support level for Bitcoin in previous bear market cycles, is currently at $24,957.
• The 360-DMA currently stands at $25,398, another indicator of support.
Bitcoin Reclaims Above $24,500
Bitcoin has reclaimed over $24,500 and flipped multiple-day moving averages in the process. This includes the 60 DMA ($20,184), 120 DMA ($19,059) and 200 DMA ($19,717).
200 Week Moving Average (200 WMA)
The 200 week moving average (200 WMA) is a reliable support level for Bitcoin in previous bear market cycles. Currently it stands at $24,957. It serves as an important indicator of support for Bitcoin’s price movement.
360 Day Moving Average (360 DMA)
The 360 day moving average (360 DMA) is another indicator of support for Bitcoin’s price movement and currently stands at $25,398. This provides additional evidence that the bear market may be coming to an end as more institutional investors enter into the space.
CryptoSlate Research Report
CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end and that institutional investors are becoming increasingly interested in digital assets like Bitcoin as prices continue to rise.
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