Bitcoin Breaks Above Bear Market Ceiling
Bitcoin has closed above its 50-week moving average for the first time in over 10 months, a development some analysts believe could signal the end of Bitcoin's bear market.
The latest close at $81,159 on Coinbase is also Bitcoin's highest weekly close in four months, according to data from TradingView. The 50-week moving average is currently set at $78,788, and this level has historically served as a ceiling during bear markets.
In August, Galaxy Research's head of firmwide research Alex Thorn described the 50-week moving average as a key indicator for confirming the end of a bear market. 'In four of the five completed bear markets, once the 50-week moving average was first broken to the upside, the bear market bottom was definitively 'in', he said.
Ben Simpson from Collective Shift believes that Bitcoin closing above its 50-week moving average would be 'the last thing I need to see before I call this a bull market.' Ryan Lee from Bitget also thinks that this development is significant, saying 'In previous cycles, reclaiming this level has tended to happen after the major low was established and longer-term momentum had started to recover.'