Crypto
Bitcoin Breaks Through 50-Week Moving Average After 45 Weeks
Bitcoin has broken through its 50-week moving average for the first time in 45 weeks, signaling a potential end to the bear market. According to Galaxy's analysis of 13 instances where this occurred, in 11 cases, the price did not drop below previous lows after the breach.
The spot $BTC price was around $81,796 at the time of writing. In contrast, the weekly average price is around $78,115. To maintain its current level above the average, Bitcoin's price would need to remain stable.
ETFs also saw significant activity last week, with $592.5 million entering in the final two days of the week, although the net influx was only $6.1 million over the weekly period.