Bitcoin pioneer and Blockstream CEO Adam Back took to Twitter to highlight a significant long-term milestone: Bitcoin's 200-week moving average (200WMA) has surpassed $61,000. The 200WMA is a closely watched indicator that many analysts view as the definitive line separating bear and bull phases, historically acting as a floor during bear markets.
Back’s tweet marks a progression from his earlier observations. On May 4, he noted the 200WMA crossing $60,000, and in late March it had just passed $59,000. The steady upward climb of this long-term trendline suggests that Bitcoin’s fundamental cycle momentum remains intact, even as the price sits nearly 42% below its all-time high of $126,198 from October 2025.
Bitcoin’s price has faced short-term headwinds, falling for four consecutive days to a low of $72,364 on May 29 before rebounding slightly to around $73,544. On-chain analysis points to $70,000 as a key support level. Meanwhile, Federal Reserve Governor Michelle Bowman cautioned against premature rate cuts, with markets now pricing virtually no reductions through at least 2027. Despite these near-term pressures, Back’s focus on the rising 200WMA underscores a persistent long-term bullish structure.
