Bitcoin Breaks Above 50-Week Moving Average
Bitcoin has closed above its 50-week moving average for the first time in over 10 months, sparking speculation about the end of the bear market.
The latest close at $81,159 on Coinbase on Sunday surpassed the 50-week moving average of $78,788, according to TradingView.
Galaxy Research's head of firmwide research Alex Thorn described the 50-week moving average as a historically strong indicator that a bear market is over.
However, Thorn cautioned that while reclaiming this level has previously confirmed the end of a bear market, it's not infallible. Two out of 13 instances saw a lower low after crossing above the 50-week average in the 2021-2022 bear market.
Bitget chief analyst Ryan Lee said one weekly close is not enough to confirm that Bitcoin has reached its cycle bottom and warned that failed reclaims can occur when the macro environment remains difficult.