Can The 600-Day MA Support Line Push Bitcoin Again?

Charts show the Bitcoin 600-day moving average (MA) has once again met with the BTC price curve, will the line act as support for the crypto once again? Bitcoin Price Curve Is Once Again Touching The 600-Day MA As pointed out by an analyst in a CryptoQuant post, the BTC price has once more dropped down to the 600-day MA support line. A “moving average” (or MA in short) is an analytical tool that averages a given quantity over a specific period of time, and constantly updates itself as time passes and the value of said quantity (the price of Bitcoin in this case) changes. Hence the “moving” in the name. MAs can be quite useful for analysis as they smooth out the price curve by hiding any local random fluctuations. Such short-term ups and downs in the value of BTC generally aren’t relevant to any long-term trend study so MAs are usually employed when looking over large timespans. An analyst can choose to take an MA over any time period, whether that be only one minute, or even one thousand days. Related Reading | Bitcoin Data: Number Of Active Entities Remain In Bear Market Channel The quant in the post has referred to the 600-day version. Here is the chart showing its trend vs the price of Bitcoin over the past year: The 600-day MA curve seems to have met the BTC price once again | Source: CryptoQuant As you can see in the above graph, since the price has declined following the all-time h...