Bitcoin Market Structure Improves, But $83,000 Remains Key Level for Bullish Confirmation

Bitcoin's market structure is showing signs of improvement as it closed last week near its 50-week moving average. This signals that the bearish trend may be weakening, but a lack of strong spot demand means $83,000 remains the key level for bullish confirmation.

According to Benjamin Cowen, Bitcoin's chances of a breakout improve the longer it holds near the 50-week moving average. 'Multiple closes above the 50-week moving average typically signifies the end of the bear market,' he said.

The coming sessions are crucial for bears as the market structure is improving, and if Bitcoin continues to hold near the 50-week moving average, the bearish case could weaken quickly. However, a push through $83,000 would be necessary for bullish confirmation.