Adam Back: Bitcoin 200-week average climbs above $60,000

Blockstream CEO Adam Back flagged Bitcoin’s 200-week moving average climbing above $60,000, calling the threshold confirmation that the cryptocurrency remains in a structural bull market. The 200-week moving average tracks nearly four years of weekly closing prices and is a long-term technical benchmark watched by investors and holders.

Bitcoin traded near $80,000 on Monday, up about 2.3% over 24 hours based on market data. The indicator has risen from a near-$40,000 reading in late 2024 as the coin recovered a substantial portion of losses suffered in April. Trading volume has remained steady during the rebound.

The 200-week moving average averages almost four years of weekly closes and is used by long-term holders to filter short-term volatility and reveal broader trend direction. Historically, the line has often acted as a price floor at cycle lows. Bitcoin generally held above it during major bear markets since 2015, though weekly closes fell below the line during the 2022 downturn before prices reclaimed it.

Back noted that public companies and long-term holders continue to absorb supply at current price levels, and that some corporate treasuries are adjusting exposure to fiat currencies. He rejected concerns that miners shifting computing capacity to artificial intelligence workloads would create a structural threat to Bitcoin’s security, describing the shift as an arbitrage that would be resolved through hashrate dynamics.

Market participants are watching whether the $60,000 threshold holds in the coming weeks. Sustained demand from spot inflows and corporate buying must outpace selling from short-term traders for the indicator to serve as a support level into the next quarter. Observers also point to deeper on-chain signals that have trended more bullish this cycle as additional context for recent price gains.

The recent climb follows a period of weakness in April when broader risk assets pushed Bitcoin well below current levels. Recovery since then has been driven by steady trading activity and continued accumulation by longer-term investors. Interactions among miners, corporate buyers and short-term traders over the next quarter will influence whether the 200-week moving average remains a durable reference point for the market.