Bitcoin's 200-week moving average (MA) has climbed past $61,000, as flagged by Blockstream CEO Adam Back on May 30. The indicator, which smooths nearly four years of weekly closes, serves as a key support floor in Bitcoin's long-term trend. Back noted the crossing weeks after the same metric surpassed $60,000 in early May. The rise of roughly $1,000 in under a month reflects steady absorption of supply by long-term holders. Historically, the 200-week MA has acted as a bottom during bear markets, with the 2022 cycle being the only period where BTC briefly closed below it. Back also cited Charlie Munger's advice on buying high-quality assets at the 200-week MA, applying it to Bitcoin. He acknowledged that Munger and Warren Buffett never invested in Bitcoin, comparing it to their early dismissal of the internet. The implication is that disciplined accumulation near the MA could yield outsized returns over full cycles. On-chain data suggests structural buying remains intact, supporting the indicator's current climb.

Key facts

• Bitcoin's 200-week moving average rose past $61,000 on May 30, per Adam Back.
• The indicator climbed roughly $1,000 in under a month from $60,000 in early May.
• 200-week MA serves as a support floor at prior cycle bottoms; 2022 saw only brief break.
• Back applied Charlie Munger's strategy of buying at the 200-week MA to Bitcoin.
• On-chain data indicates structural buying pressure remains intact.

KeyAudit data perspective