Bitcoin has plunged during the last 24 hours and now finds itself at the $26,200 level. Here’s why this level is important for the asset.
Bitcoin 200 WMA & 111 DMA Are Both At $26,200 Right Now
In a new tweet, the analytics firm Glassnode has talked about how the different technical pricing models for Bitcoin may be interacting with the asset’s price currently.
There are four relevant technical pricing models here, and each of them is based on different moving averages (MAs) for the cryptocurrency.
An MA is a tool that finds the average of any given quantity over a specified region, and as its name implies, it moves with time and changes its value according to changes in said quantity.
MAs, when taken over long ranges, can smooth out the curve of the quantity and remove short-term fluctuations from the data. This has made them useful analytical tools since they can make studying long-term trends easier.
In the context of the current topic, the relevant MAs for Bitcoin are 111-d
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