Bitcoin Breaks Above Key Moving Average
Bitcoin has reclaimed its 50-week moving average, reaching $81,159 on Coinbase, according to TradingView. This development is significant because it occurred for the first time in over 10 months and could signal the end of Bitcoin's bear market.
Alex Thorn, head of firmwide research at Galaxy Research, described the 50-week moving average as a key indicator that can confirm the end of a bear market. He noted that in four out of five completed bear markets, breaking above this level was followed by a definitive end to the bear market.
Ben Simpson, founder of Collective Shift, said 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, chief analyst at Bitget, cautioned that one weekly close is not enough to confirm the end of the bear market, and that Bitcoin must stay above the 50-week average and form higher lows.
Craig Cobb, a crypto trader, said he was looking for Bitcoin to break $83,000 as a key level, which would indicate no lower high on the monthly chart. He also noted that the red-to-green transition in Bitcoin's history has preceded new all-time highs 11 times out of 15.