Bitcoin Might Never Trade Below $43,000 Again

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According to Blockstream CEO Adam Back, the 200-week moving average of Bitcoin has risen above $43,000.

As a researcher, I find this recent dip below Bitcoin’s 200-day moving average (WMA) quite noteworthy, as it’s seldom seen, even during the harshest market corrections in bear trends. One of the scant instances where this robust support wasn’t upheld was during the “Black Thursday” sell-off that transpired on March 2020.

Consequently, it’s generally accepted that the 200 Week Moving Average (WMA) serves as a significant support level for the major cryptocurrencies, often signaling “important price lows across generations.

According to historical trends, it’s highly probable that the price of Bitcoin may not fall below the $43,000 mark, even during the lowest point of the upcoming bear market.

Bitcoin’s underwhelming price action 

Based on information from CoinGecko, Bitcoin’s current price stands at approximately $94,838. Earlier in the week, it had momentarily dropped below the $90,000 mark on Monday.

Yesterday, I observed a significant outflow of approximately $284 million from Bitcoin exchange-traded funds (ETFs), a trend that might have played a crucial role in the steep decline we witnessed in Bitcoin’s price.

Based on the analysis by crypto firm Sentiment, the overall Bitcoin forecast maintains a relatively positive outlook in the long term, even though its price movement has been somewhat disappointing.

According to a report from U.Today, the data analytics company MicroStrategy has just made its tenth straight Bitcoin acquisition, which has boosted investor confidence.

It’s now almost a full month that Bitcoin’s all-time high of $108,135, which was hit on December 17, hasn’t been surpassed.

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2025-01-14 11:15