Blockstream CEO Adam Back stated that Bitcoin's 200-week moving average has broken through $61,000. Despite the recent price pullback, this long-term trend line continues to rise, serving as a reference point for the market to observe Bitcoin's cyclical position.
The 200-week moving average rose above $61,000.
On May 30, Adam Back posted on social media that Bitcoin's 200-week moving average had broken through $61,000. Just on May 4, he had mentioned that this indicator had surpassed $60,000; even earlier, at the end of March, the indicator had exceeded $59,000.
The 200-week moving average is often considered one of Bitcoin's long-term trend lines. It's commonly used to observe bottoming patterns over a four-year cycle and to identify long-term support levels during bull and bear market phases. While short-term price fluctuations are significant, the continued upward movement of this moving average indicates that the long-term baseline is still rising.
Bitcoin rebounded after falling to $72,000.
Bitcoin had previously fallen for four consecutive days, dropping to as low as $72,364 on May 29 before rebounding slightly. At the time of the report's publication, Bitcoin was down approximately 0.05% in the past 24 hours, trading at $73,544.
- The low on May 29 was $72,364.
- The report was published at $73,544.
- The 200-week moving average has broken through $61,000.
According to the analysis cited in the article, the area around $70,000 is currently a major on-chain support level, corresponding to the on-chain realized price for traders. This level has therefore become a price band of short-term market focus.
Interest rate expectations continue to influence risk assets
Besides Bitcoin's own price movements, macroeconomic interest rate expectations are also influencing market sentiment. The article mentions that Federal Reserve Governor Michelle Bowman remains cautious about responding to the current price surge with interest rate hikes.
With inflation still above the Federal Reserve's 2% target, the market currently widely expects the Fed to keep interest rates unchanged this year and may consider raising rates again in early 2027. Current pricing suggests that expectations for rate cuts have significantly weakened, at least until 2027.
