BTC's 200-week moving average, seen as final support, surpasses $59K

Bitcoin's 200-week moving average, often considered its ultimate support level, has risen above $59,000, U.Today reported, citing Blockstream CEO Adam Back. The 200-week moving average, which calculates the average closing price over that period, is a key indicator for tracking long-term trends. Historically, it has served as a final support line during sharp market downturns, typically attracting both retail and institutional buying pressure whenever the price has approached it. The report noted that while BTC did briefly fall below this moving average during the March 2020 COVID-19 crash and the 2022 bear market, these instances were exceptional.