Bitcoin's 200-week moving average has risen above $60,000, according to a report.

On May 4 (local time), blockchain media outlet BeInCrypto reported that Blockstream CEO Adam Back (아담 백) saw it as a confirming signal that bitcoin remains in a structural bull market.

The 200-week moving average is a long-term technical indicator that reflects the average weekly closing price over about 4 years. It filters out short-term volatility to show the broader trend, and has historically served as a price floor at cycle lows.

Bitcoin has largely stayed above the indicator in 3 bear markets since 2015. Even after briefly dipping below it during sharp late-cycle selloffs, it recovered its upward trend. In the 2022 bear market, however, it was an exception, closing below the line for the first time on a weekly closing basis before recovering again. This break above $60,000 means the 200-week moving average, which was around $40,000 in late 2024, has risen sharply.

As of May 4, bitcoin traded near $80,000 and was up about 2.3 percent from 24 hours earlier, based on CoinGecko. It also recouped a large part of the declines recorded last month. Trading volume also held steady through the recovery phase, raising the possibility that buying interest may not be limited to a short-term technical rebound.

Long-term holders and corporate treasury demand are absorbing supply even at these price levels. Back said listed companies that have added bitcoin to their balance sheets are preparing for changes that move away from fiat currencies. He also dismissed concerns that miners shifting to artificial intelligence work could weaken network security. He described such moves not as a structural threat but as arbitrage resolved through hashrate dynamics.

Still, whether the $60,000 level holds over the long term depends on demand in the next quarter. The key variable is whether spot inflows and corporate buying continue to outpace selling by short-term traders. Bitcoin has lifted back above its long-term trendline along with the recent rebound, but whether actual supply and demand support it over the coming weeks will determine the next move, the outlet said.