Bitcoin 200-Week Moving Average Surpasses $66K

Bitcoin's 200-week moving average has surpassed $66,000, according to Adam Back. The cryptocurrency is currently trading at $85,759.99, within a bullish 4-hour structure. The 50-day exponential moving average (EMA50) is positioned at $84,558.41, while the 200-day EMA (EMA200) sits at $81,331.42.

The market is testing the upper Bollinger Band resistance at $86,541.2. The Relative Strength Index (RSI) for the 14-period stands at 58.66, indicating a neutral stance, while the Moving Average Convergence Divergence (MACD) shows a bullish golden cross at 408.93. Analysts suggest a measured pullback toward the 50-EMA support is the most likely next move before any further upward continuation.

Historically, crossings of the 200-week moving average have frequently marked durable cycle floors for Bitcoin's price prediction models over the past year.