Galaxy says Bitcoin's bear market ended in June, and the line that would prove it wrong is moving down every week.
That line is the 50-week average, which Galaxy put at $76,540. On Binance BTC/USDT weekly closes we get about $76,580 after the Oct 18 close and about $76,090 after Oct 25. Last November's $86K to $94K weeks are now dropping out of the window. If BTC just sits near $80K, our math puts the average near $74,900 in five weeks.
Galaxy's second test is history. After long spells under the average, Bitcoin never closed more than 8.4% below its reclaim level in the year that followed. This reclaim closed at $81,178 on Sept 20, so that floor sits near $74,360.
BTC trades around $79,900 today. That is already 1.6% under the reclaim close and about 5% above the average. Galaxy and Thorn both disclose they hold BTC.
The Fed decides on Wednesday, and this week's candle closes at 08:00 UTC+8 on Monday. A weekly close under about $76K starts Galaxy's one-month clock.
$BTC
#Bitcoin #FOMC
NFA. DYOR.
That line is the 50-week average, which Galaxy put at $76,540. On Binance BTC/USDT weekly closes we get about $76,580 after the Oct 18 close and about $76,090 after Oct 25. Last November's $86K to $94K weeks are now dropping out of the window. If BTC just sits near $80K, our math puts the average near $74,900 in five weeks.
Galaxy's second test is history. After long spells under the average, Bitcoin never closed more than 8.4% below its reclaim level in the year that followed. This reclaim closed at $81,178 on Sept 20, so that floor sits near $74,360.
BTC trades around $79,900 today. That is already 1.6% under the reclaim close and about 5% above the average. Galaxy and Thorn both disclose they hold BTC.
The Fed decides on Wednesday, and this week's candle closes at 08:00 UTC+8 on Monday. A weekly close under about $76K starts Galaxy's one-month clock.
$BTC
#Bitcoin #FOMC
NFA. DYOR.
