Bitcoin’s 200-Week Moving Average is Signalling Bull Market Cues, Says Adam Back
Adam Back states Bitcoin's 200-week moving average crossing $60,000 signals a bull market, supported by sustained demand and long-term holder accumulation.Summary
Blockstream CEO Adam Back has identified Bitcoin's 200-week moving average (200WMA) surpassing $60,000 as a key indicator of a structural bull market. This metric, which averages nearly four years of weekly closes, has historically served as a price floor during previous market cycles. While Bitcoin briefly dipped below the 200WMA in the 2022 bear market, it has since reclaimed it, with the current $60,000 level representing a significant increase from its late 2024 reading near $40,000.
The article highlights that Bitcoin is currently trading near $80,000, showing a recovery from April lows. Steady trading volume during this recovery suggests strong buy-side interest beyond a short-term technical rebound. Long-term holders and corporate treasuries are reportedly absorbing supply, with companies holding Bitcoin on their balance sheets seen as positioning for a shift away from fiat currency. Back also addressed concerns about miners shifting to AI workloads, framing it as an arbitrage opportunity rather than a threat to network security.
The durability of the $60,000 threshold will be tested in the coming quarter, with sustained demand from spot inflows and corporate buying needing to outpace selling from short-term traders to confirm the continuation of the bullish phase. This current upward trend is supported by deeper on-chain signals.
(Source：BeInCrypto)