Bitcoin's resilience highlighted by record high 200-day moving average

Bitcoin's (CRYPTO:BTC) 200-day moving average has surged to an unprecedented $50,178, indicating a robust long-term outlook for the cryptocurrency.

This milestone, reached on May 6, underscores Bitcoin's recovery from recent price fluctuations, including a post-halving dip to $56,800 on April 20.

The 200-day moving average, a key indicator of long-term trends, suggests a bullish sentiment when Bitcoin prices trade above it, as they are currently doing.

Bitcoin advocate Anthony Pompliano emphasised Bitcoin's enduring strength, noting its upward trajectory despite daily price volatility.

Analyst Willy Woo's models also highlight the bullish trend, with the 200-week moving average hitting an all-time high above $34,000.

While shorter-term indicators like the 50-day moving average have seen minor declines, the overall sentiment remains positive.