{"id":4334,"date":"2024-09-06T22:00:25","date_gmt":"2024-09-06T22:00:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4334"},"modified":"2024-09-06T22:00:25","modified_gmt":"2024-09-06T22:00:25","slug":"bitcoin-200-day-average-signals-waning-bullish-momentum-heres-what-it-means-for-btc-price","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4334","title":{"rendered":"Bitcoin 200-Day Average Signals Waning Bullish Momentum, Here\u2019s What It Means For BTC Price"},"content":{"rendered":"

A key long-term price indicator for Bitcoin, the 200-day simple moving average (SMA) appears to be losing its bullish momentum as the US economy added<\/a> fewer jobs in August 2024.<\/p>\n

Bitcoin Must Overcome The 200-Day SMA To Reverse Trend<\/h2>\n

The 200-day SMA is considered one of the more reliable long-term indicators to gauge an asset\u2019s upcoming price action. Bitcoin\u2019s 200-day SMA shows a weakening bullish momentum, giving short-term traders little joy.<\/p>\n

Notably, this is the first time since October 2023 that the 200-day SMA looks poised to enter bearish territory. Since late August, the daily increase in average price increases for BTC has not crossed $50, while it used to consistently record moves of more than $200 per day during the first half of 2024. <\/p>\n

At press time, the 200-day SMA stood at $63,840, about 13.96% higher than the current BTC price of $56,840.<\/p>\n

It\u2019s worth highlighting that short-term moving average indicators such as the 50-day SMA and the 100-day SMA are already past their peak and have been trending downward. A bearish crossover was seen recently when the 100-day SMA fell below the 200-day SMA.<\/p>\n

According to cryptocurrency analyst Ali Martinez, the Stochastic relative-strength index (RSI) has signaled<\/a> a trend reversal from bullish to bearish on the Bitcoin 2-month chart. If going by historical data, such a move has typically led to a significant correction of up to 75.50%.<\/p>\n

In addition, Google Trends shows<\/a> that searches for the word \u201cBitcoin\u201d have been at their lowest since October 2023, when BTC was hovering around $30,000.\u00a0<\/p>\n

Adding to the overall bearish sentiment surrounding the leading digital asset, former CEO of BitMEX cryptocurrency exchange Arthur Hayes posted<\/a> on X that he\u2019s currently short Bitcoin and could see the crypto-asset crash<\/a> to sub $50k level over the weekend.\u00a0<\/p>\n

In contrast, other market experts opine<\/a> that Bitcoin will likely bottom at $55,000 before the influx of US liquidity helps re-ignite the severely lacking buying pressure in the crypto markets.<\/p>\n

Bitcoin\u2019s Fundamentals Remain Intact<\/h2>\n

Although several crypto analysts seem to lean bearish on Bitcoin\u2019s short-term price movements, the long-term bull case for the leading digital asset remains unchanged.\u00a0<\/p>\n

Crypto analyst Crypto Jelle posits<\/a> that Bitcoin\u2019s tepid price action during the summer might reach its conclusion by early October before it could potentially resume another rally to the upside.<\/p>\n

Institutional interest in Bitcoin also continues to rise, as Swiss banking giant ZKB recently rolled<\/a> out Bitcoin (BTC) and Ethereum (ETH) trading and custody services for its customers. At press time, BTC trades at $56,018.<\/p>","protected":false},"excerpt":{"rendered":"

A key long-term price indicator for Bitcoin, the 200-day simple moving average (SMA) appears to be losing its bullish momentum as the US economy added fewer jobs in August 2024. Bitcoin Must Overcome The 200-Day SMA To Reverse Trend The 200-day SMA is considered one of the more reliable long-term indicators to gauge an asset\u2019s […]<\/p>\n","protected":false},"author":0,"featured_media":4335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4334"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4334"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4335"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}