On Monday, Bitcoin (BTC) continued to move higher. As of the time of writing, the cryptocurrency is currently sitting at a valuation of $4,164, up 1.25% in the past 24 hours.
Per Josh Rager, an advisor to Blackwave and TokenBacon, this only cements the fact that Bitcoin is holding above its 200-week moving average (200 WMA), which has been an essential level of resistance for the asset since 2015. In fact, a number of analysts have looked to this line of support as an indicator of Bitcoin’s long-term health. Rager touches on this himself.