As BlockStream CEO Adam Back pointed out, Bitcoin’s 200-week moving average (WMA) is now It moved Over $47,000.
#bitcoin 200wma Pass$ 47khttps://t.co/bvpfxudfom pic.twitter.com/zhzev1b0mv
– Adam Back (@Adam3us) May 17, 2025
After passing $46,000 it took less than a month to add another $1,000
This essentially means that it is very unlikely that cryptocurrencies will actually fall below the aforementioned levels in the future.
The 200 WMA smoothes volatility to the extent that only long-term price trends remain prominent on the charts. It is generally treated as the ultimate floor level for major cryptocurrencies.
The fact that this iron-covered support is now at $47,000 doesn’t necessarily mean that Bitcoin will not fall below this level. For example, cryptocurrency was below 200 WMA during the infamous crash in March 2020. However, such a drop was very short-lived.
Investor psychology is another major factor to consider. This is a major factor to consider given that 200 WMA support is attracting immense purchases during a severe recession.
Bitcoin hit its daytime high of $104,002 today, according to Coingecko data. Cryptocurrency has grown 22% over the past 30 days amid a new wave of institutional profits.