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Blockstream CEO and one of the pioneers of cryptography Adam Back has drawn investors’ attention by pointing to the formation of a new “impossible” price floor for Bitcoin. According to his analysis, the key technical indicator — the 200-week simple moving average (SMA) — has officially surpassed the $59,000 mark.
Back’s view coincides with a period of increased activity from institutional players. While the retail sector shows caution, large companies such as Strategy continue to aggressively accumulate Bitcoin, holding more than 761,000 coins.
How Adam Back’s latest 200WMA data is trapping Bitcoin bears
The 200-week average is the most reliable long-term support indicator, if such things can be said to exist in the crypto market at all. Nevertheless, this level represents the “price of Bitcoin without volatility,” which historically has never been broken to the downside after being established.
Moreover, the fact that Back — the person whose Hashcash served as a source of inspiration for Satoshi Nakamoto when creating Bitcoin and who was even mentioned in the Bitcoin whitepaper — supports this narrative and sees significance in the 200-week curve adds weight to this price indicator, even if some consider it nothing more than “financial astrology.”
As of the end of March 2026, this “mathematical floor” continues to rise, creating a stable base for the current market cycle.
Despite short-term market fluctuations, Back maintains his ultra-bullish outlook, expecting that within the current cycle, the asset’s price could reach a range between $500,000 and $1 million. The rise of the 200-week average to $59,000 only reinforces his thesis that Bitcoin has entered a phase of “hyperbitcoinization,” where each new cycle sets an increasingly higher nonburnable value floor.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
