Bitcoin's 365-day MA has just hit an all-time high.
The BTC price remains at around half of its actual all-time high.
Traders are divided as to whether the moves represent a bearish double top or a bullish breakout.
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Bitcoin’s yearly moving average just hit a new all-time high, exceeding the prior high set following a year of bullish price action in 2017. At around $9,600 at the time of writing, the actual price of Bitcoin remains a long way from its all-time high.
A moving average is an indicator used by traders and analysts to smooth out volatility in prices over time. It is formed by taking the mean of prices over a set period (in this case 365 days).
Source: Twitter
As pointed out by The Moon (@TheMoonCarl) via Twitter, a yearly moving average cancels “out the noise.” In fact, it cancels out so much of the noise that the 365-MA chart included in the tweet doesn’t acknowledge either the spikes up to $20,000 or $14,000 in 2017 and 2019, respectively, or the lows following these bullish moves.
The Moon concludes that the yearly moving average hitting a new all-time high is bullish for the future. However, some of the analyst’s followers are calling the yearly BTC price action a double top, which is typically a very bearish indicator.
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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.
A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.
