Analysis: Bitcoin's 200-week moving average approaches $50,000, indicating a long-term bullish signal

BlockBeats News, July 1st, according to CoinDesk, analyst James Van Straten released a market analysis, with Bitcoin's 200-week simple moving average (200WMA) rising to $49,223, on the verge of breaking through the $50,000 psychological barrier. The 200-day moving average (200DMA), representing the bull-bear divide, is currently at $96,246, successfully holding this support during a recent approach to $98,000 in pullback.

The analyst stated that the continuous rise of the 200WMA reflects the growth of the market's fundamental value, with the current level almost doubling compared to the bear market period from 2022 to 2023 (average of $25,000). "When the 200-week moving average maintains a 45-degree upward trajectory, it often signals that the crypto winter has completely ended. The Nasdaq 100 and the S&P 500 indices hitting new highs have created a favorable environment for Bitcoin to break through its previous high."