Bitcoin analysts weigh significance of lift off from 200-day moving average

Recent market moves have placed two major blue-chip digital assets trending back above their long-term moving averages, often cited by technical analysts as a pivot from bearish to bullish sentiment.

Bitcoin, whose price surge this week saw the asset rise more than 14% to top out at a yearly high above $35,000, first crossed over its 200-day moving average on Oct. 16. On the weekly view, BTC has also crossed that threshold over the same period.

The 200-day MA is a widely observed technical indicator used by traders and analysts to gauge the long-term trend of an asset. 

When the current price of an asset is above its 200-day MA, it’s generally considered to be in an upward trend,…

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