A recent tweet by Blockstream CEO Adam Back highlights Bitcoin’s ongoing bullish trend. The 200-week moving average (WMA) has now surpassed $47,000 after only a month of growth, suggesting a strong likelihood that the cryptocurrency will remain above this level in future price fluctuations.
This is thanks to the 200 WMA’s ability to smooth out volatility, revealing long-term price trends on the chart. While it’s unlikely Bitcoin will permanently dip below $47,000 as it did experience a brief drop during the March 2020 crash, this new support level is attracting significant buying interest during downturns.
Furthermore, recent data from CoinGecko indicates that Bitcoin hit an intraday high of $104,002 earlier today. This surge comes alongside a notable increase in institutional interest over the past 30 days, driving its price up by 22%.