The price of Bitcoin has risen sharply in recent days. This growth brought the cryptocurrency back above its 200-week moving average (MA) for the first time since June 2022. According to cryptocurrency analyst James van Straten, this is a significant development.
Bitcoin is back above the 200-week moving average
The chart shared by Van Straten on Twitter shows the price of Bitcoin over the past few years, including various MAs. This indicator is commonly used by traders and investors to identify trends and potential trade entry and exit points. The 200-week moving average is a particularly important indicator as it is seen as an important support or resistance level for BTC prices.
#Bitcoin breaks 200WMA for the first time since June 2022
Above 365 DMA and price realized by long term holders pic.twitter.com/oK8JbZY7mq
– James V. Streets (@jimmyvs24) March 14, 2023
In addition to this breakthrough, the analyst also mentioned two other developments. For example, long-term holder realized prices (LTH) are considered. The indicator takes into account the average price at which long-term Bitcoin holders buy Bitcoin, providing insight into the overall sentiment and health of the market. Finally, the 365-day moving average was broken.
2.7 million bitcoins rise again after price increase
The recent rally is good news for Bitcoin investors. According to a tweet by blockchain analytics platform Glassnode, Bitcoin’s recent price increase has resulted in a significant increase in the amount of BTC that is now at a positive price. The tweet noted that the price increase resulted in more than 2.7 million bitcoins starting to be profitable. This is an important indicator as it also provides insight into the overall sentiment and health of the Bitcoin market.
The recent surge (+22%) in #Bitcoin price action has made +2.7 million coins profitable. This suggests that about 20% of the adjusted circulating supply was captured in the $20,000 to $26,000 region.
This workbench is for members level 2 and above: https://t.co/BgfZ9OsJPA pic.twitter.com/pxCg90n3M7
— glassnode (@glassnode) March 14, 2023
Additionally, the tweet suggests that this means that approximately 20% of Bitcoin’s adjusted circulating supply was purchased in the $20,000 to $26,000 region. This suggests that many investors and traders see the price of Bitcoin as an attractive buying opportunity, and may indicate that this area could serve as a support level for the crypto going forward. At the time of writing, the Bitcoin EUR price on Bitvavo is 23,809 EUR.
This article was created with the help of AI. For this article, the editor-in-chief worked closely with AI to obtain the best factual information. The editor-in-chief asked specific questions and checked the AI’s responses, adding relevance and correcting inaccuracies where necessary.
Source of information: Compiled from CRYPTO-INSIDERS by 0x Information.The copyright belongs to the author Timo Bult, and shall not be reproduced without permission