Bitcoin Once Again Above Critical Level (Patreon)

Bitcoin's position above the 200-day moving average (DMA) in a bull market is a potent indicator of its robustness and forward trajectory. The 200-DMA, a renowned technical measure, calculates an asset's average closing price over the preceding 200 days, serving as a barometer for long-term trends. Consistent movement above this average typically reflects a bullish market sentiment.

In past bull cycles, such as the 2017 surge where Bitcoin's value leaped from roughly $1,000 to a staggering $20,000, it predominantly hovered above the 200-DMA. This behavior carries several implications. Primarily, it underscores robust demand for Bitcoin and suggests a prevailing bullish trend. Furthermore, it offers a confidence boost for investors, reassuring them of Bitcoin's stability over an essential technical benchmark.

Final note, during a bull run, Being above the 200 DMA gives people a sense of potential downside which is now 28K.  

While the 200-DMA is a powerful tool, it's not infallible. We spent the last few mths under the 200 DMA. Even if Bitcoin stands strong above this average, there's no absolute assurance of its continued ascent. Nonetheless, such a position is often embraced by traders as a symbol of positive momentum and strength.