đ Bitcoin closes above its 50-week moving average for 7 consecutive weeks: even the Binance hack failed to break throughâhas the structure really stabilized?
Alex Thorn, Head of Research at Galaxy Research, noted that BTC still closed above its 50-week moving average for the week ending November 1. This marks the 7th consecutive week, despite the Binance hack involving over $6 billion.
đ Key points
⢠BTC previously spent 44 consecutive weeks below its 50-week moving average, only climbing back above it during the week of September 20
⢠This weekâs close was around $78,000; the intraday low was about $76,300, still above the moving average
⢠The 50-week moving average is currently around $76,000 (figures vary slightly by data source)
⢠Important context: as long as the âweekly closeâ remains above the moving average, the streak continues. This doesnât mean BTC rose every week, nor does it mean the impact of the hack has faded; moving averages are lagging indicators and donât predict what comes next
đ Market impact
The moving average is the âlast line of defenseâ for the medium-term trend: if the weekly close falls below it, the market will revisit the possibility of a return to the bear market. BTC is currently around $78,300, up about ++0.04% over 24 hours. Recent support: $77,100 (recent low area), $76,300 (October 31 low), and the 50-week moving average near $76K; resistance: $80,000 and $81,900 (near the October 29 high).
Do you think this moving average will hold, or is this just a brief respite in the bear market? Share your thoughts in the comments đ
đ Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#ćŻçšĺ¸čżçť7ĺ¨ćśäş50ĺ¨ĺçşżä¸ćš #ćŻçšĺ¸ #BTC #Galaxy
â ď¸ The above does not constitute investment advice. Please be aware of the risks.
Alex Thorn, Head of Research at Galaxy Research, noted that BTC still closed above its 50-week moving average for the week ending November 1. This marks the 7th consecutive week, despite the Binance hack involving over $6 billion.
đ Key points
⢠BTC previously spent 44 consecutive weeks below its 50-week moving average, only climbing back above it during the week of September 20
⢠This weekâs close was around $78,000; the intraday low was about $76,300, still above the moving average
⢠The 50-week moving average is currently around $76,000 (figures vary slightly by data source)
⢠Important context: as long as the âweekly closeâ remains above the moving average, the streak continues. This doesnât mean BTC rose every week, nor does it mean the impact of the hack has faded; moving averages are lagging indicators and donât predict what comes next
đ Market impact
The moving average is the âlast line of defenseâ for the medium-term trend: if the weekly close falls below it, the market will revisit the possibility of a return to the bear market. BTC is currently around $78,300, up about ++0.04% over 24 hours. Recent support: $77,100 (recent low area), $76,300 (October 31 low), and the 50-week moving average near $76K; resistance: $80,000 and $81,900 (near the October 29 high).
Do you think this moving average will hold, or is this just a brief respite in the bear market? Share your thoughts in the comments đ
đ Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#ćŻçšĺ¸čżçť7ĺ¨ćśäş50ĺ¨ĺçşżä¸ćš #ćŻçšĺ¸ #BTC #Galaxy
â ď¸ The above does not constitute investment advice. Please be aware of the risks.
