Bitcoin may not revisit $60,000 range as long-term floor rises

Bitcoin’s 200-week moving average, regarded as a key long-term support level, has risen above $65,000 for the first time, blockchain media outlet U.Today reported on Sept. 13 local time.

Bitcoin’s long-term market floor rose in a month from $64,000 to above $65,000. The move drew attention after Blockstream CEO Adam Back shared a Look Into Bitcoin chart. Back focused on the mathematical floor for bitcoin rising to an all-time high level. The chart cited by the outlet showed the indicator climbing from around $64,000 in August to above $65,000 now.

The 200-week moving average reflects the average price over the past four years. It is used to gauge long-term trends based on a period corresponding to one bitcoin market cycle, serving as a yardstick for structural moves rather than short-term volatility. The outlet explained that the indicator filters out daily noise and speculative movements.

Markets are focusing on the fact that the line has effectively served as an absolute floor even in past bear markets. Bitcoin spent only a few weeks below the line even in the steepest downturns, and only during periods of major global economic shocks. As a result, the long-term support line’s continued upward slope suggests bitcoin’s structural reference price is rising faster than in the previous cycle.