Bitcoin Regains Momentum with 6% Weekly Surge

Bitcoin's price has surged by 6% since last week, and it has finally broken above its 50-week moving average for the first time in nearly a year. According to Galaxy Research head Alex Thorn, this is an 'important confirmation' that the bear phase may have run its course.

The weekly close is roughly 3% above the moving average, sitting at $78,800, and nearly 24% above the 200-week MA at $65,500. Historically, regaining the 50-week MA has served as strong confirmation that bear market lows are 'in'. Bitcoin is up 29% in 35 days.

The most likely scenario for now is to see BTC grind between $78,800 and $83,000 while the market digests the moving-average flip. However, a weekly close back below the 50-day MA at $78,800 would invalidate the signal.