A recent poll is in the latest cryptocurrency news, showing that the Bitcoin price monthly moving average is perhaps the most solid indicator of a bear market or a bull run. As the current stats show, Bitcoin climbs upward from the bottom set back in December 2018 – but the seven days which passed also show periods of inactivity.
Now that the Bitcoin price is rising once again following a year full of downtrend, the 200-week moving average – which is an important long-term strength indicator – is growing at a rate of 5% month over month. This growth rate could also help analysts determine whether the crypto market is transitioning on the positive, or the negative side.
As we can see from the Bitcoin price monthly 200-week moving average, the indicator shows that the strength of Bitcoin has been recently lifted as the cryptocurrency broke through $8,000 overnight and acted as support at the lowest points of the bear market. This prevented the BTC price from falling lower as many best cryptocurrency news sites noted – and acted as the fuel that Bitcoin needs for initiating a new bull trend.
At the time, cryptocurrency analysts had feared a break of the Bitcoin price monthly moving average – which would question Bitcoin’s longevity as a financial asset. This is mostly because investors would see this as a major threat to the gold’s long-term trend structure – and something that it may never bounce back from.
Still, Bitcoin bounced and also ignited the altcoin news section – triggering altcoins to record positive gains. Right now, we are seeing an influx on the market, with a 24 hour trading volume of $61 billion ($17 billion of which are investments in Bitcoin) and a total cryptocurrency market cap of $256 billion.
Comparing the previous bear to bull transition, the Bitcoin price monthly moving average suggests that the price action currently puts the market cycle closer to the start of 2017 – and bypassing all of the 2016 show-build of bullish momentum.
A lot of crypto analysts had been calling for increasingly longer market cycles in Bitcoin. Still, given the recent price action, the BTC price might be close to going on a full blown bull run very soon.
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