Matrixport: The 21-week moving average of Bitcoin is currently at $85,000, and staying above this average will sustain the bull market
ChainCatcher message, Matrixport released today's chart, showing that the 21-week moving average of Bitcoin (approximately 147 days) is currently at $85,000, which is a key indicator for determining market trends. When the price is above the 21-week moving average (approximately 147 days), it is suitable to hold long positions; when the price is below this moving average, caution is advised.
Although the Bitcoin price may fluctuate near the moving average in the short term, the 21-week moving average has successfully captured major market trends multiple times. This moving average accurately predicted the bull markets of 2020 and 2023, as well as the bear market trend of 2022. Currently, this moving average is approximately at $85,000. As long as the price remains above the 21-week moving average, the market will continue to be in a bull market cycle.
