Bitcoin closed above its 50-week moving average for the first time in over 10 months, at $81,159 on Coinbase, above the $78,788 level. According to Alex Thorn from Galaxy Research, in four out of five completed bear markets, breaking above this moving average confirmed the bear market bottom, with Bitcoin gaining between 700% and 900% in 2017, 2020 and 2023. Ryan Lee, chief analyst at Bitget, cautioned that one weekly close is not enough to confirm a cycle bottom, adding that what matters now is Bitcoin’s ability to stay above the average and form higher highs and lows. Trader Craig Cobb is watching the $83,000 level as a key indicator for a potential trend change.
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