Kraken: BTC near 200-week moving average is a prime buying zone

Bitcoin has entered a prime buying opportunity zone as it finds support near its 200-week simple moving average (SMA), a key indicator of its long-term uptrend, Kraken said in an analysis reported by CoinDesk. The exchange noted that while BTC briefly fell below its 200-week SMA twice over the past two weeks, it rebounded above the line by the weekend. Kraken explained that a weekly close below the 200-week SMA is a rare event, occurring on only about 10% of all trading days in 2017. Historically, investors who purchased BTC in this zone saw a median return of over 113% after one year and more than 313% after two years.