Bitcoin Breaks Above 50-Week Moving Average After 45-Week Drought
Bitcoin has closed above its 50-week moving average for the first time in 45 weeks, according to Galaxy's Alex Thorn. The price of Bitcoin on Coinbase surpassed $81,159, exceeding its 50-week moving average of $78,788.
This milestone is significant because reclaiming the 50-week moving average has historically served as a strong confirmation that bear market lows are established. In four out of five completed bear markets, closing above this level was followed by higher prices, not lower ones.
However, there are differing opinions on what this means for Bitcoin's future. Joe Consorti notes that historically, a close above the 50-week moving average carries a 75% probability of marking the cycle bottom. But Ryan Lee cautions that a single weekly close is not enough to confirm the cycle bottom and that what matters now is whether Bitcoin can hold above the 50-week average and continue forming higher lows.