The bitcoin price has experienced a significant increase in recent days. This surge has the crypto back above 200 weeks moving average (MA), for the first time since June 2022. According to crypto analyst James van Straten, this is a significant development.
Bitcoin back above the 200-week MA
The graph that Van Straten shared 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 MA is an especially important indicator, as it is seen as an important support or resistance level for the price of BTC.
#Bitcoin breaks through the 200WMA for the first time since June 2022
On top of the 365 DMA and long-term holder realized price pic.twitter.com/oK8JbZY7mq— James V. Streets (@jimmyvs24) March 14, 2023
In addition to this breakthrough, the analyst mentions two other developments. This is how the long-term holder realized price (LTH). This indicator takes into account the price at which long-term bitcoin holders bought their BTC on average, and can provide insight into the overall sentiment and health of the market. Finally, the 365-day MA was broken.
2.7 million BTC again in the plus after price increase
The recent increase is good news for bitcoin investors. Indeed, according to a tweet from blockchain analytics platform Glassnode, the recent rise in bitcoin’s price has led to a significant increase in the number of BTC that is now in the plus. The tweet notes that the price hike has resulted in more than 2.7 million bitcoins becoming profitable. This is an important metric as it also provides insight into the overall sentiment and health of the Bitcoin market.
The recent surge in #Bitcoin price action (+22%) has sent +2.7M Coins into profitability. This indicates that ~20% of the Adjusted Circulating Supply was acquired within the $20k – $26k region.
This workbench is available for Tier 2 membership and above: https://t.co/BgfZ9OsJPA pic.twitter.com/pxCg90n3M7
— glassnode (@glassnode) March 14, 2023
Further, the tweet indicates that this means approximately 20% of bitcoin’s adjusted circulating supply was purchased within the $20k – $26k region. This suggests that many investors and traders saw the price of bitcoin in this range as an attractive buying opportunity, and could indicate that this zone could act as a level of support for the cryptocurrency going forward. The bitcoin price in euros is 23,809 euros on Bitvavo at the time of writing.
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 answers of the AI, supplemented them for relevance and corrected inaccuracies where necessary.