For 7 weekends in a row, Bitcoin’s weekly close has stayed above the 50-week moving average.
The weekly chart records only the last price of each week. Wicks, liquidations, and sharp overnight drops during the week don’t count toward that figure. So these 7 weeks don’t mean people were buying every day; they mean that when each weekend’s close came around, holders were still willing to keep their positions overnight. Alex Thorn, Head of Research at Galaxy Digital, discussed this alongside a hack worth more than $6 billion. The point was straightforward: the bad news hit, but the weekly level held.
Next weekend brings the same question: if the weekly close stays above the 50-week moving average, the count goes up by one; if it breaks below, all seven previous weeks count for nothing.
#BitcoinClosesAboveThe50WeekMovingAverageFor7ConsecutiveWeeks
The weekly chart records only the last price of each week. Wicks, liquidations, and sharp overnight drops during the week don’t count toward that figure. So these 7 weeks don’t mean people were buying every day; they mean that when each weekend’s close came around, holders were still willing to keep their positions overnight. Alex Thorn, Head of Research at Galaxy Digital, discussed this alongside a hack worth more than $6 billion. The point was straightforward: the bad news hit, but the weekly level held.
Next weekend brings the same question: if the weekly close stays above the 50-week moving average, the count goes up by one; if it breaks below, all seven previous weeks count for nothing.
#BitcoinClosesAboveThe50WeekMovingAverageFor7ConsecutiveWeeks
