Bitcoin price closes again above the 200-week MA

The Bitcoin price shows a remarkable technical signal again this week: another weekly close above the 200-week moving average. Analyst Michaël van de Poppe sees this as a strong sign and rules out a deep correction to $40.000 for now. Bitcoin is currently at $64.100. a slight increase of 0.3% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Strong technical foundation for Bitcoin

Week after week, the Bitcoin price closes above the 200-week moving average (MA). That is exactly what Van de Poppe considers a positive signal. This long-term indicator traditionally serves as an important threshold: as long as Bitcoin remains above it, it points to a healthy market structure.

The chart shows that the price is just above this rising blue line, around the $64.000 level. It was previously warned that holding the 200-week MA is crucial for the bottom. That seems to be working for now, giving Van de Poppe confidence in a further upward move.

Altcoin summer in sight as Bitcoin moves towards $68.000

Van de Poppe states that if Bitcoin manages to climb towards $68.000 this week and thus returns to its previous trading range, the chance of a strong altcoin summer is high. Many investors have been waiting for more movement in the altcoin market for some time, and a recovering Bitcoin could drive that momentum.

At the same time, Van de Poppe responds to the expectations of people who are counting on a price drop to $40.000, He strongly doubts that such a sharp downward move is still realistic, given the current price development. Bitcoin is already showing movement towards a new local high above $68.000, which further reinforces his analysis. Also noteworthy is that long-term holders are realising the lowest profit of this cycle, suggesting there is little selling pressure from that group.