Bitcoin Breaks Long-Term Average After 45 Weeks, Analyst Sees Potential Uptrend
Bitcoin has finally broken its long-term average after 45 weeks, according to recent data. This milestone marks a significant moment in the cryptocurrency's recovery journey. Alex Thorn, Head of Galaxy Research, believes that this close may confirm the end of the bear market and potentially signal the beginning of a new uptrend.
Bitcoin rose approximately 6 percent throughout the week, bringing its recovery over the last 35 days to 29 percent. As of now, Bitcoin is trading at around $81,450, while the 50-week moving average stands at $78,115. A weekly close above this average is considered a stronger signal than just briefly exceeding it intraday.
The 50-week moving average is an important indicator that shows the average of Bitcoin's weekly closing prices over approximately the past year. This level tracks the direction of the long-term trend and is used to gauge whether Bitcoin is in a bullish or bearish period. In 11 out of 13 instances where Bitcoin reclaimed this average with a weekly close, it did not subsequently form a new bottom.