I was scrolling through the markets this morning when one number caught my eye đ
BTC has now closed above its 50-week moving average for seven weeks in a row.
On an ordinary week, that wouldnât be news.
After last week, though, itâs pretty interesting.
A $6.3 billion theft would be a black swan event in any market.
By all logic, the technical structure should have been smashed through by now.
But it hasnâtâthe structure is still holding up.
Thatâs also the takeaway from Galaxyâs research: BTC has shown resilience, and the existing structure hasnât been broken.
The current price is hovering around $78,000. Reuters has it at about $77,976 today, with ETH around $2,268.
The modest rebound is real, but so is the weakness.
The RSI is below 40, and buyers donât seem very confident.
The 20-day and 50-day moving averages are still overhead, while the 200-day moving average is providing support around $73,154.
This is a classic squeeze: it hasnât broken down, but it hasnât broken through to the upside either.
I donât take âit hasnât broken downâ as a reversal signal.
It only means long-term holdersâ line in the sand hasnât been breached yet.
The real test comes over the next week.
The US midterm elections are on Tuesday, Octoberâs nonfarm payrolls are due, and the proof-of-reserves report is still waiting to be handed in.
So my view is simple:
This week isnât about whether prices go up. Itâs about whether the 50-week moving average holds.
If it does, the bottoming-out story is still alive.
If it doesnât, that little rebound was just another pause in the downtrend.
What do you think?
With a market that âhasnât broken down, but has no strength either,â would you ride it out while it tries to form a bottom, or wait for a clear signal before making a move?
$BTC $ETH
#ĺ¸ĺşč§ĺŻ #Bitcoin
This is not investment advice. DYOR. Trading involves risk.
BTC has now closed above its 50-week moving average for seven weeks in a row.
On an ordinary week, that wouldnât be news.
After last week, though, itâs pretty interesting.
A $6.3 billion theft would be a black swan event in any market.
By all logic, the technical structure should have been smashed through by now.
But it hasnâtâthe structure is still holding up.
Thatâs also the takeaway from Galaxyâs research: BTC has shown resilience, and the existing structure hasnât been broken.
The current price is hovering around $78,000. Reuters has it at about $77,976 today, with ETH around $2,268.
The modest rebound is real, but so is the weakness.
The RSI is below 40, and buyers donât seem very confident.
The 20-day and 50-day moving averages are still overhead, while the 200-day moving average is providing support around $73,154.
This is a classic squeeze: it hasnât broken down, but it hasnât broken through to the upside either.
I donât take âit hasnât broken downâ as a reversal signal.
It only means long-term holdersâ line in the sand hasnât been breached yet.
The real test comes over the next week.
The US midterm elections are on Tuesday, Octoberâs nonfarm payrolls are due, and the proof-of-reserves report is still waiting to be handed in.
So my view is simple:
This week isnât about whether prices go up. Itâs about whether the 50-week moving average holds.
If it does, the bottoming-out story is still alive.
If it doesnât, that little rebound was just another pause in the downtrend.
What do you think?
With a market that âhasnât broken down, but has no strength either,â would you ride it out while it tries to form a bottom, or wait for a clear signal before making a move?
$BTC $ETH
#ĺ¸ĺşč§ĺŻ #Bitcoin
This is not investment advice. DYOR. Trading involves risk.