Bitcoin retests 200-week moving average as key support comes into focus
Bitcoin's sell-off to $62,400, down more than 2.5% over the past 24 hours, has brought the asset back to its 200-week moving average (200WMA), a long-term trend indicator that averages Bitcoin's closing price over the previous 200 weeks. The 200WMA currently sits at $62,457, leaving bitcoin once again fighting to hold this key level as support.
Bitcoin first fell below the 200WMA on June 5 and has since consolidated around the indicator. In 2022, a decisive break beneath the 200WMA led to further downside towards the realized price, the average on-chain acquisition cost of all circulating bitcoin. The realized price is currently near $54,000 and could become the next major support level if selling pressure intensifies.