Blockstream CEO Adam Back male Bitcoin's 200-week moving average (WMA) has now crossed $43,000.

The significance of this new achievement stems from the fact that it is very rare for Bitcoin to fall below the 200 WMA even during the most severe bear market corrections. The “Black Thursday” sell-off that occurred in March 2020 is one of the very few instances where the bulls failed to defend this strong support.

Thus, the 200 WMA is widely considered to be the “floor price” of the leading cryptocurrency that tends to define “generational bottoms.”

Buck predicted that it is "very likely" that one will never be able to buy Bitcoin below the $43,000 level even at the bottom of the next bear market if history is any guide.

Disappointing Bitcoin price action

According to CoinGecko data, Bitcoin is currently trading at $94,838 after briefly falling below the $90,000 level on Monday.

Yesterday, Bitcoin exchange-traded funds (ETFs) also recorded a total of $284 million in outflows, which likely contributed to the sharp price decline.

According to cryptocurrency analytics firm Sentiment, Bitcoin's long-term outlook remains "almost optimistic" despite the somewhat disappointing price action.

As reported by U.Today, business intelligence firm MicroStrategy recently announced its 10th consecutive purchase of Bitcoin, which positively impacted sentiment.

However, it has been nearly a month since Bitcoin reached its all-time high of $108,135 on December 17.