Bitcoin Stalls at Critical Level as Binance Reserves Rise

Crypto analyst Benjamin Cowen is eyeing a key level that could determine whether Bitcoin's bear market is over. According to him, Bitcoin needs to break above its 50-week moving average before a potential new bull cycle can begin.

This moving average has been a critical level for Bitcoin in the past, with the cryptocurrency stalling at this point during previous rallies. Cowen notes that in 2018, Bitcoin rallied over 40% from its summer low before getting stuck at the 50-week MA.

Cowen stresses that stalling does not necessarily mean rejection, as previous bull-market transitions spent weeks around this level before breaking higher. However, he believes sustained weekly closes above the 50-week MA would be a strong indication of a new trend.

Binance's Bitcoin reserves are also a concern for Cowen, with the exchange holding over 687,000 BTC, its highest level in 2026. Rising exchange balances can indicate that holders are preparing to sell or use Bitcoin as collateral.