#Bitcoin 21-week moving average breaks $85,000#
Hot Topic Overview
Overview
Bitcoin's 21-week moving average (MA) has broken through $85,000, drawing market attention. Digital asset management firm Matrixport believes that Bitcoin, as a cyclical asset, can be judged by its 21-week MA. When the price is above the MA, it is suitable to hold a long position, otherwise, caution is needed. Historical data shows that the MA has successfully captured major market trends multiple times, including the bull markets in 2020 and 2023, as well as the bear market phase in 2022. Currently, the MA is at $85,000, and as long as Bitcoin's price remains above this level, the market can be considered to be in a bull market phase.
Ace Hot Topic Analysis
Analysis
Bitcoin's 21-week moving average has crossed above $85,000, interpreted as a potential bullish signal by cryptocurrency analytics firm Matrixport. According to Matrixport's analysis, Bitcoin, being a cyclical and trend-driven asset, can be gauged by its 21-week moving average (approximately 147 days). When the price is above this moving average, it is considered favorable for holding long positions; when the price is below it, caution is advised. Historical data suggests that this moving average has successfully captured major market trends in the past, including the bull markets of 2020 and 2023, as well as the bear market of 2022. Currently, this moving average sits at around $85,000, and as long as Bitcoin's price remains above this level, the market can be considered to be in a bull market phase.
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Classic Views
Bitcoin 21-week moving average is an important indicator to judge market trends, which can capture the main market trends.
When the Bitcoin price is higher than the 21-week moving average, it is suitable to hold a long position, while when the price is lower than the average, you need to be cautious.
The Bitcoin 21-week moving average is at $85,000, as long as the price remains above this level, the market can be considered to be in a bull market.
The Bitcoin 21-week moving average breaks through $85,000, which may be considered a bull market signal.