Insights

Bitcoin breaks multiple key resistance levels on path to $26K

exchange68September 13, 2024

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Definition

The 200 Week Moving Average (200W-SMA) 🔴 The 200 Week Simple Moving Average provides a tool capturing the baseline momentum of a classic 4 year Bitcoin Cycle.
Yearly Moving Average (365D-SMA) 🔵The 365 Day Simple Moving Average provides a long standing baseline for high time-frame market momentum.
🔵 Long-Term Holder Realized Price reflects the average on-chain acquisition price for coins held outside exchange reserves, which have not moved within the last 155-days. These reflect the least probable coins to be spent on any given day.

Quick Take

Bitcoin surpasses $26,000 and, on the way, broke multiple resistance levels.
The 200 WMA was at $25,277.
The 365 DMA was at $24,448.
Long-term holder realized price at $21,958.

Technical Pricing Models: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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