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Bitcoin's 200-day moving average has surged to a record $50,178, marking a historic peak for the cryptocurrency. According to Anthony Pompliano and recent market data, Bitcoin is "as strong as ever," maintaining a bullish outlook despite recent volatility.
Bitcoin's 200-Day Moving Average Surges Past $50,000, Signaling Strong Market Optimism
Bitcoin's 200-day moving average has reached an all-time high of $50,178, indicating a bullish long-term outlook, per Cointelegraph.
The indicator peaked on May 6, according to BuyBitcoinWorldwide. It comes as Bitcoin recovers from a post-halving price collapse that saw it fall as low as $56,800 on April 20, when the network's block rewards were reduced to 3.125 BTC.
The 200-day simple moving average (SMA) adds the last 200 days of Bitcoin's closing price and divides it by 200 to smooth out short-term price swings. It intends to provide traders and analysts with a long-term trend indicator.
When Bitcoin prices trade above this indicator, as they do today, it often indicates a positive long-term trend, and when prices fall below the 200-day moving average, the opposite is true.
Bitcoiner Anthony Pompliano spoke on CNBC's Squawk Box on May 6 about the 200-day moving average crossing $50,000 for the first time.
"Over the long run, Bitcoin continues to trend upward even though on a day-to-day basis that price is volatile."
"Don't get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever," he added in an X post.
Bitcoin Maintains Bullish Trend as 200-Week Moving Average Hits Record, Boosting Market Confidence
According to analyst Willy Woo's WooCharts price models, the 200-week moving average, a considerably longer-term trend indicator, has reached an all-time high of just over $34,000, implying that the yearlong trend prognosis is even more optimistic.
Bitcoin's price crossed the 200-week moving average level in mid-October and has remained above it ever since. Spot prices are also much higher than the realized price (RP), approximately $29,000.
The RP measures the worth of all Bitcoin at the last on-chain transaction price divided by the amount of BTC in circulation and another long-term trend indicator.
However, the shorter-term 50-day moving average has slid somewhat from its top in mid-April, as BTC has fallen from its all-time high in mid-March.
Pompliano also stated that the Grayscale spot Bitcoin exchange-traded fund (ETF) saw its first inflows on May 3.
The fund saw a $63 million inflow after seeing net outflows of more than $17.5 billion since being converted from a trust to a spot ETF in mid-January.
The momentum has continued. According to Farside Investors' early data, the fund saw an inflow of $3.9 million on April 6.
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