Bitcoin has cleared a key long-term hurdle.
$BTC closed the week above its 50-week moving average for the first time in 45 weeks, with the latest close around $81,000 versus the 50-week average near $78,100 to $78,800.
Galaxy Research’s Alex Thorn has noted that Bitcoin’s historical reclaim of this level has often coincided with bear-market bottoms.
History also gives some context to the signal. Galaxy’s research found 13 previous instances where Bitcoin reclaimed its 50-week moving average during completed bear markets, with only two later producing another lower low.
BTC also remains above its 200-week moving average, which Galaxy has identified as a longer-term floor during previous major market declines.
The key point now is whether Bitcoin can maintain weekly closes above the 50-week level as the market moves into the next phase.
#BTC Price Analysis# #BTC Price Analysis#
$BTC closed the week above its 50-week moving average for the first time in 45 weeks, with the latest close around $81,000 versus the 50-week average near $78,100 to $78,800.
Galaxy Research’s Alex Thorn has noted that Bitcoin’s historical reclaim of this level has often coincided with bear-market bottoms.
History also gives some context to the signal. Galaxy’s research found 13 previous instances where Bitcoin reclaimed its 50-week moving average during completed bear markets, with only two later producing another lower low.
BTC also remains above its 200-week moving average, which Galaxy has identified as a longer-term floor during previous major market declines.
The key point now is whether Bitcoin can maintain weekly closes above the 50-week level as the market moves into the next phase.
#BTC Price Analysis# #BTC Price Analysis#
