{"id":534971,"date":"2023-05-25T14:00:46","date_gmt":"2023-05-25T14:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=534971"},"modified":"2024-06-11T08:31:17","modified_gmt":"2024-06-11T08:31:17","slug":"bitcoin-hangs-on-26200-why-this-crucial-support-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-hangs-on-26200-why-this-crucial-support-level\/","title":{"rendered":"Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level"},"content":{"rendered":"

Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. Here’s why this level is important for the asset.<\/p>\n

Bitcoin 200 WMA & 111 DMA Are Both At $26,200 Right Now<\/h2>\n

In a new tweet, the analytics firm Glassnode<\/a> has talked about how the different technical pricing models for Bitcoin may be interacting with the asset’s price currently.<\/p>\n

There are four relevant technical pricing models here, and each of them is based on different moving averages<\/a> (MAs) for the cryptocurrency.<\/p>\n

An MA is a tool that finds the average of any given quantity over a specified region, and as its name implies, it moves with time and changes its value according to changes in said quantity.<\/p>\n

MAs, when taken over long ranges, can smooth out the curve of the quantity and remove short-term fluctuations from the data. This has made them useful analytical tools since they can make studying long-term trends easier.<\/p>\n

In the context of the current topic, the relevant MAs for Bitcoin are 111-day MA, 200-week MA, 365-day MA, and 200-day MA. The first of these, the 111-day MA, is called the Pi Cycle indicator, and it generally finds useful in identifying short to mid-term momentum in the asset’s value.<\/p>\n

Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon?<\/a><\/div>\n

The 200-week MA is used for finding the baseline momentum of a BTC cycle as 200 weeks are equal to almost 4 years, which is about what the length of BTC cycles in the popular sense is.<\/p>\n

Here is a chart that shows the trend in these different Bitcoin technical pricing models over the past year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like pairs of models have come together in phase in recent weeks | Source: Glassnode on Twitter<\/a><\/pre>\n
As shown in the above graph, these different Bitcoin pricing models have taken turns in providing support and resistance to the price during different periods of the cycle.<\/p>\n
For example, the 111-day MA turned into support recently, as the price rebounded off this level back during the plunge in March of this year<\/a>, as can be seen in the chart.<\/p>\n
The 111-day and 200-week MAs have recently come into phase, as both their values stand at $26,200 right now. This is the level that Bitcoin has been finding support at in recent days, so it would appear that the base formed by these lines may be helping the price currently.<\/p>\n
Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin<\/a><\/div>\n
Glassnode notes that if a break below this region of support takes place, the next levels of interest can be the 365-day and 200-day MAs. The former of these simply represent the yearly average price, while the latter metric is called the Mayer Multiple<\/a> (MM).<\/p>\n
The MM has historically been associated with the transition point between bullish and bearish trends for the cryptocurrency. When the 111-day MA provided support to the price back in March, the metric had been in phase with the MM.<\/p>\n
From the graph, it’s visible that the 365-day and 200-day MAs have also interestingly found confluence recently, as their current values are $22,300 and $22,600, respectively. This would imply that between $22,300 and $22,600 may be the next major support area for the asset.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,200, down 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has plunged during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. Here’s why this level is important for the asset. Bitcoin 200 WMA & 111 DMA Are Both At $26,200 Right Now In a new tweet, the analytics firm Glassnode has talked about how the different technical pricing models for Bitcoin may be interacting with the asset’s price currently. There are four relevant technical pricing models here, and each of them is based on different moving averages (MAs) for the cryptocurrency. An MA is a tool that finds the average of any given quantity over a specified region, and as its name implies, it moves with time and changes its value according to changes in said quantity. MAs, when taken over long ranges, can smooth out the curve of the quantity and remove short-term fluctuations from the data. This has made them useful analytical tools since they can make studying long-term trends easier. In the context of the current topic, the relevant MAs for Bitcoin are 111-day MA, 200-week MA, 365-day MA, and 200-day MA. The first of these, the 111-day MA, is called the Pi Cycle indicator, and it generally finds useful in identifying short to mid-term momentum in the asset’s value. Related Reading: Bitcoin Sell-Side Risk Ratio Nears All-Time Lows, Big Move Soon? The 200-week MA is used for finding the baseline momentum of a BTC cycle as 200 weeks are equal to almost 4 years, which is about what the length of BTC cycles in the popular sense is. Here is a chart that shows the trend in these different Bitcoin technical pricing models over the past year: Looks like pairs of models have come together in phase in recent weeks | Source: Glassnode on Twitter As shown in the above graph, these different Bitcoin pricing models have taken turns in providing support and resistance to the price during different periods of the cycle. For example, the 111-day MA turned into support recently, as the price rebounded off this level back during the plunge in March of this year, as can be seen in the chart. The 111-day and 200-week MAs have recently come into phase, as both their values stand at $26,200 right now. This is the level that Bitcoin has been finding support at in recent days, so it would appear that the base formed by these lines may be helping the price currently. Related Reading: Sharks & Whales Accumulate Stablecoins, Why This Could Be Bullish For Bitcoin Glassnode notes that if a break below this region of support takes place, the next levels of interest can be the 365-day and 200-day MAs. The former of these simply represent the yearly average price, while the latter metric is called the Mayer Multiple (MM). The MM has historically been associated with the transition point between bullish and bearish trends for the cryptocurrency. When the 111-day MA provided support to the price back in March, the metric had been in phase with the MM. From the graph, it’s visible that the 365-day and 200-day MAs have also interestingly found confluence recently, as their current values are $22,300 and $22,600, respectively. This would imply that between $22,300 and $22,600 may be the next major support area for the asset. BTC Price At the time of writing, Bitcoin is trading around $26,200, down 4% in the last week. BTC has plunged during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":534990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87457,748,1119,1144],"class_list":["post-534971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-plunge","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Hangs At $26,200: Why This Is A Crucial Support Level<\/title>\n<meta name=\"description\" content=\"Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level","url":"http:\/\/uniquehot.com\/news\/bitcoin-hangs-on-26200-why-this-crucial-support-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-hangs-on-26200-why-this-crucial-support-level\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1455060943.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1455060943.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin plunge","bitcoin support","btc","btcusd"],"dateCreated":"2023-05-25T14:00:46Z","datePublished":"2023-05-25T14:00:46Z","dateModified":"2024-06-11T08:31:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hangs-on-26200-why-this-crucial-support-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-hangs-on-26200-why-this-crucial-support-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1455060943.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1455060943.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin plunge\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-25T14:00:46Z\",\"datePublished\":\"2023-05-25T14:00:46Z\",\"dateModified\":\"2024-06-11T08:31:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1455060943.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/534971"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=534971"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/534971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/534990"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=534971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=534971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=534971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}