Markets that consistently trade below the 200-day SMA are said to be in a downtrend, while those trading above the average are bullish. BTC rose past the 200-day SMA in October, when the average value was $28,000. The breakout – fueled by expectations for a spot bitcoin ETF in the U.S. – paved the way for a sharp rally to record highs above $70,000 by March.
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