Bitcoin's Price Surge Hits $80,000, But One Key Level Remains
Bitcoin's price surge has reached $80,000, a 25% increase in just one week. However, traders are watching for a crucial signal to confirm whether the bear market is truly over.
The key hurdle is the 50-week simple moving average, currently around $81,087. Historically, reclaiming this level has been a clear sign that a bear market is ending. Galaxy Research notes that in 11 of 13 instances where Bitcoin reclaimed its 50-week MA during completed bear markets, the bear-market low was indeed in place.
The price has already broken through all three key daily moving averages, according to Dan Tapiero, founder of 50T Funds. He describes this as an 'extreme momentous break up' and believes that the cycle low is already in. Others echo similar sentiments on social media, with some predicting a short-term pullback or consolidation.