Bitcoin Hits New Long-Term Support Threshold Above $65,000
The Bitcoin market has undergone significant changes in recent weeks. The long-term support level for the asset, known as the 200-week moving average (200WMA), has surged above $65,000.
This milestone was highlighted by Blockstream CEO Adam Back, who shared a chart from Look Into Bitcoin showcasing the rise of this key indicator. Historically, the 200WMA has served as an absolute price floor for Bitcoin, filtering out daily noise and speculation to reflect the asset's underlying long-term trend.
The current upward movement of this line indicates that Bitcoin's structural baseline is rising faster than in previous cycles. This trend gives supporters of this model solid mathematical grounds to conclude that Bitcoin may never again trade below $65,000 for an extended period.