As Blockstream CEO Adam Back pointed out, Bitcoin's 200-week moving average (200 WMA) exceeded $48,000 for the first time.
It took less than a month to add another $1,000 after initially exceeding $47,000 on May 15th.
Widely tracked long-term metrics are frequently used in a variety of markets as they can rule out short-term volatility.
200WMA tends to act as a dynamic level of support in major markets as well. On several occasions, Bitcoin fell below the aforementioned levels during major sales. For example, this happened during the tragic market collapse in March 2020. However, such declines tend to be very short-lived and tend to mark intergenerational purchase opportunities.
Therefore, it is widely believed that 200WMA will serve as the ultimate price range for Bitcoin.
In late May, the flagship cryptocurrency reached a current all-time high of $112,000, but has since given up some of its profits.
