Veteran chartist Dave the Wave posted a single, loaded caption to X on Friday — “#btc back to the 200 WMA…” — over a weekly Bitcoin chart that says more than the four words do. After the worst week of 2026, Bitcoin has fallen all the way back to its 200-week moving average, the long-term trendline (the green curve on his chart) currently sitting around $61,800.
Is it a good time to buy Bitcoin? Well, this is the first time the price has touched that line this cycle. The weekly candle tells the story of how violently it got there: an open near $73,600, a low of $59,110, and a print around $60,700 — a drop of roughly 17.5% in a single week, and a brief crack below $60,000 that took Bitcoin to its lowest level since late 2024.
Bitcoin hits the 200 week moving average, source: Dave the Wave on X
Why this line matters. The 200-week moving average is effectively a four-year rolling average of price — long enough to smooth out an entire halving cycle. Historically it has functioned as Bitcoin’s floor of last resort: the 2015, 2018, and 2020 macro bottoms all formed on or just below it, and in more than a decade Bitcoin has spent very little time trading beneath it. When price returns to the line, history says the market is somewhere in late-bear, deep-value territory rather than mid-correction. The catch is the asterisk — 2022, when the line broke and price spent months underneath it. Analyst Rekt Capital noted the timing rhyme: Bitcoin tagged its 200-week average in June 2022, and has now done so again in June 2026, almost exactly four years on.
The market-wide context. This is not an isolated wobble. The selloff has been broad and macro-driven — sticky inflation, a firmer dollar, lingering Middle East risk and the largest monthly Bitcoin-ETF outflows of the year. The Crypto Fear & Greed Index sits at 12, deep in “Extreme Fear.” The reflexive corporate bid that powered the last leg up is also straining: Strategy sold Bitcoin for the first time since 2022 last week, and its preferred-stock financing engine is being tested below the levels it needs to keep issuing. Even the year’s great outperformer wasn’t spared — privacy leader Zcash tumbled on Friday after a security review exposed a long-standing vulnerability. As Brave New Coin has argued through this drawdown, the on-chain signal that capital keeps leaving has been flashing amber for months. The 200-week tag is where that pressure finally shows up on the long-term chart.
The level to watch. For Dave the Wave and the dip-buyers, a bitcoin buy here is the fifth historical buying opportunity at this line. For the bears, 2022 is the reminder that the line can break — and if it does on a weekly close, realized price near $54,000 is the next structural support. Either way, the make-or-break level is no longer a round number. It is the trendline that has defined every Bitcoin cycle to date, and Bitcoin is sitting right on it.
