Bitcoin’s bullish cycle questioned as price falls below 200-day moving average

Share This Post

Onchain Highlights

DEFINITION: The 200 Day Simple Moving Average is a common technical indicator in Technical Analysis, commonly associated with the transition point between a Bull and Bear market.

Bitcoin price movements are influenced by various technical models that provide insight into market trends and potential future performance.

As of July 4, Bitcoin has fallen below the 200-day moving average (DMA), which is currently at $58,373. The last time Bitcoin fell through this level was in August 2023.

200 Day Moving Average vs BTC: (Source: Glassnode)
200 Day Moving Average vs BTC: (Source: Glassnode)

Since the beginning of 2024, Bitcoin’s price has shown a robust upward trajectory, peaking above $70,000 in March. The chart below illustrates Bitcoin’s price repeatedly testing and, at times, dropping below the 200 DMA, indicating periods of market correction.

200 Day Moving Average vs BTC: (Source: Glassnode)
200 Day Moving Average vs BTC: (Source: Glassnode)

Historically, Bitcoin’s interaction with the 200 DMA has served as a reliable indicator of bullish or bearish trends. The long-term chart from 2014 to 2024 demonstrates multiple instances where the price crossing above the 200 DMA has preceded significant upward momentum, while crossings below often signal extended bearish phases.

Current price action around the 200 DMA suggests caution as Bitcoin’s market dynamics adjust post-halving, potentially signaling the end of the recent bullish cycle.

The post Bitcoin’s bullish cycle questioned as price falls below 200-day moving average appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Chainlink Price Could Run To $31 In The Next Leg Up — Here’s Why

The final months of a market cycle are usually characterized by exhilarating runs by various assets in the altcoin market — a period famously dubbed the “altcoin season” Unfortunately, while

Trump’s Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Trump proposes tariff-free trade for Canada, SEC vs Ripple: XRP lawsuit wrapping, Arthur Hayes predicts Bitcoin bottom at $70K, and more in this Week in Review Week in Review Bitcoin slipped below

ZKsync Sunsets Ignite, Its Liquidity Rewards Program, Amid Market Challenges

The ZKsync Ignite program will be discontinued after its first season, with the DeFi Steering Committee (DSC) announcing that rewards will cease on March 17, 2025 The decision is driven by a

XRP $15 Breakout? Not A Far-Fetched Idea—Analysis

After dropping to less than $2 last March 11th, Ripple’s XRP springs back to life and it’s currently trading between $230 and $240 And with the US Securities and Exchange Commission vs Ripple

Hive Digital Doubles Down on Paraguay Bitcoin Mining Expansion

“Hive Digital Chairman Frank Holmes stated that the company expects to expand its capacity by over 400% with its initiatives in Paraguay, a country that offers ample hydroelectric energy for

LIBRA Controversy: Was The Token’s $1.16 Billion Surge Rigged? DWF Report Says Yes

Within an hour, a meme coin on the Solana blockchain, LIBRA, ballooned to a market value of $116 billion before quickly disintegrating According to sources, early buyers of the LIBRA token profited