Galaxy Research review: Bitcoin falls below the 50-week moving average; neither of the two similar historical market cycles made new lows
Nov. 9 — According to a review of data by Galaxy Research, Bitcoin closed the week ending Nov. 8 at $74,968, slipping slightly below the 50-week moving average of $75,480 and ending a seven-week streak of holding above it.
Looking back, Bitcoin has reclaimed the 50-week moving average at a bear-market bottom and then fallen below it only twice before: in 2011–2012 and 2019–2020. In neither of these historical cycles did the price fall below the previous bear-market low.
The low for the current cycle so far was set at $59,517 on June 28. The 200-week moving average currently stands at $67,746 and continues to provide support.
The report also highlights the pullbacks in the two previous market cycles: the 2011–2012 correction lasted 20 weeks, with a maximum decline of 35%; in 2019–2020, Bitcoin fell back below the 50-week moving average five times, with the deepest pullback reaching 38%.
Overall, although this week’s close fell below the 50-week moving average, in line with a historical pattern, that does not in itself signal a new deep bear market or a new low.
Historically, Bitcoin typically does not set a new low during this type of correction. Investors should focus on the battle around the 50-week moving average and the 200-week moving average, a key support level.
#比特币均线
Nov. 9 — According to a review of data by Galaxy Research, Bitcoin closed the week ending Nov. 8 at $74,968, slipping slightly below the 50-week moving average of $75,480 and ending a seven-week streak of holding above it.
Looking back, Bitcoin has reclaimed the 50-week moving average at a bear-market bottom and then fallen below it only twice before: in 2011–2012 and 2019–2020. In neither of these historical cycles did the price fall below the previous bear-market low.
The low for the current cycle so far was set at $59,517 on June 28. The 200-week moving average currently stands at $67,746 and continues to provide support.
The report also highlights the pullbacks in the two previous market cycles: the 2011–2012 correction lasted 20 weeks, with a maximum decline of 35%; in 2019–2020, Bitcoin fell back below the 50-week moving average five times, with the deepest pullback reaching 38%.
Overall, although this week’s close fell below the 50-week moving average, in line with a historical pattern, that does not in itself signal a new deep bear market or a new low.
Historically, Bitcoin typically does not set a new low during this type of correction. Investors should focus on the battle around the 50-week moving average and the 200-week moving average, a key support level.
#比特币均线
