The main benefit of an MA is that it evens out any local price fluctuations, and displays the trend as a smoother curve.
The below chart shows the trend in the 200-day and 600-day Bitcoin MAs over the past several years.
After staying some time in the region, the MAs crossed over each other and the crypto observed a large drop in its price.
Now, it looks like a similar pattern is starting to form this time as well.
Bitcoin showed some strong upwards momentum a couple of days back as it seemed to be approaching another retest of the $43k level.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.