Bitcoin Technicals Flare as Market Structure Shifts

James E. Thorne, Chief Market Strategist at Wellington-Altus, believes that Bitcoin's medium-term trend has turned bullish again. According to Thorne, the cryptocurrency's weekly chart shows a strong technical setup, with the price holding above the rising 200-week moving average.

The long-term uptrend in Bitcoin has never been broken, and the recent correction after its 2025 peak saw the price retreat to this level but still hold above it. Thorne notes that the 30-week and 40-week exponential moving averages shifted from a downward to an upward trend following the low seen in June.

The analyst believes that these developments indicate a shift from bearish to bullish medium-term outlook, supported by weekly momentum indicators that show no negative divergence. Thorne also points to changes in market structure, citing GENIUS regulations and tokenization as factors moving Bitcoin beyond being a speculative market.