CandleFocus

Bitcoin Might Never Trade Below $43,000 Again

Blockstream CEO Adam Back has highlighted the significance of Bitcoin's 200-week moving average (WMA) surpassing $43,000. It is rare for Bitcoin to drop below this level, even during severe bear market corrections. The 200 WMA is seen as a "floor price" for the cryptocurrency, indicating potential bottoming levels. Back predicts that it is highly unlikely that Bitcoin will ever be available below $43,000, even during the next bear market. Currently, Bitcoin is trading at around $94,838, with recent outflows from spot Bitcoin ETFs contributing to the price drop. Despite this, the long-term outlook for Bitcoin remains semi-optimistic, especially due to positive purchasing activity from companies like MicroStrategy. It has been nearly a month since Bitcoin reached its all-time high of $108,135 on December 17.

Related News