Bitcoin has gained approximately 30% in recent weeks and is currently trading in the $73,000-$77,500 range. According to Galaxy Research analysts, the true bull market will only begin after a weekly close above the 50-week moving average, currently at $82,470. This indicator has proven reliable in 11 out of 13 cases since 2009 to confirm a bear market cycle low. Bitcoin still needs to rise about 6.4% more to reach this level, having already bounced 32.4% from its June 30 low of $58,525. The market remains technically in a borderline zone and could merely be a pause within a prolonged downturn until the $82,000 threshold is breached.
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