Bitcoin closed the week above its 50-week moving average for the first time in 45 weeks. This indicator tracks the average closing price of $BTC over the past 50 weeks.
Alex Thorn, Head of Research at Galaxy Digital, noted that in past bear markets, a move back above this level has often happened after the market bottom was formed.
$BTC closed the week around $81,159, while the 50-week average was near $78,786.
This is a positive signal for Bitcoin, although it does not guarantee that the price will continue higher.
#Macro Insights#
Alex Thorn, Head of Research at Galaxy Digital, noted that in past bear markets, a move back above this level has often happened after the market bottom was formed.
$BTC closed the week around $81,159, while the 50-week average was near $78,786.
This is a positive signal for Bitcoin, although it does not guarantee that the price will continue higher.
#Macro Insights#
