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Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin’s 200-day moving average breaks $50,000 for the first time

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Bitcoin has primarily oscillated between the $60,000 and $70,000 range since late February, occasionally surpassing $70,000 to achieve its all-time high. However, it briefly dipped below $60,000 at the beginning of May.

The 200-day moving average (DMA) recently breached the $50,000 mark for the first time on May 6, with Bitcoin currently hovering around $61,000. This milestone is significant as the 200DMA is widely regarded as a pivotal indicator delineating bull and bear market cycles.

Technical Pricing Models, 200DMA: (Source: Glassnode)
Technical Pricing Models, 200DMA: (Source: Glassnode)

In May 2021, Bitcoin dropped below the 200DMA level, which started the bear market. However, by January 2023, it had reclaimed this threshold, marking the commencement of the current bull run. A brief dip occurred below the 200DMA in October 2023, but it has remained a steadfast support since then.

In previous cycles, holding above the 200DMA was a bullish signal, while breaking down through it often presaged bearish momentum. Bitcoin’s ability to maintain prices over $50,443 could reinforce the uptrend.

Technical Pricing Models, 200DMA: July '19 - May '24: (Source: Glassnode)
Technical Pricing Models, 200DMA: July ’19 – May ’24: (Source: Glassnode)

Meanwhile, the short-term holder’s realized price is on the verge of breaking $60,000.

Short-Term Holder Realized Price and MVRV: (Source: Glassnode)
Short-Term Holder Realized Price and MVRV: (Source: Glassnode)

The post Bitcoin’s 200-day moving average breaks $50,000 for the first time appeared first on CryptoSlate.

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