Bitcoin Breaks Above 50-Week Average, $83,000 Next Key Level
Bitcoin has reclaimed its 50-week moving average for the first time in 45 weeks, ending the week near $81,159. This move is significant because it has historically acted as a ceiling during extended downturns. In fact, Galaxy Research found that 11 out of 13 previous instances where Bitcoin moved back above this indicator were not followed by a new cycle low.
The cryptocurrency's climb over the past 35 days has been substantial, with a gain of about 29%. This increase has also led to its highest weekly close in four months. Analysts are now watching whether Bitcoin can hold above the moving average, currently around $78,000.
Trader Ted believes that a break above $83,000 would confirm the cycle bottom and outline a potential path for BTC over the next two to three years. If this happens, it could signal a significant shift in the market's trend. However, Bitget chief analyst Ryan Lee notes that further weekly closes and higher lows are needed to provide more confirmation of the recovery.