As Blockstream CEO Adam Back pointed out, Bitcoin's 200-week moving average (MA) has surpassed the $40,000 level for the first time.
The leading cryptocurrency is currently trading at $68,352.
“Only up”
The 200MA level has always been treated as the floor price for the largest cryptocurrencies, excluding volatility.
In fact, Bitcoin has never had a monthly closing price below the aforementioned levels, even during the most severe price corrections.
It is worth noting that the flagship cryptocurrency has fallen below the 200 moving average several times. For example, during the 50% crash that occurred on “Black Thursday'' in March 2020, stock prices temporarily fell.
However, barring a few “black swan” events, bulls have remained reliably defending key price levels.
Therefore, it is highly unlikely that we will ever have the opportunity to buy this flagship cryptocurrency below the $40,000 level again.
Key levels for bulls
According to popular chartist Josh Olsiewicz, the $71,200 level is the main resistance for Bitcoin bulls based on Bollinger Bands.
For the bullish trend to resume, the largest cryptocurrency will need to close the week above the aforementioned levels.
as U.Today reportedBitcoin price briefly regained the $69,000 level on Friday.
However, it remains to be seen whether the recent rise is more than just a flash in the pan.
Polymarket bettors currently see a 70% chance that Bitcoin will reach the $70,000 level in October. There is also a 73% chance that Bitcoin will reach a new all-time high in 2024.
