Galaxy Research Sees $82K as Key to Ending Bitcoin's Bear Market

Bitcoin's price has seen a significant surge, rising by 25% over the past week and nearly reaching $80,000.

This comes after $4 billion in short liquidations and a macro-driven regime shift. The rally has also reclaimed the key 200-day Moving Average (currently at $69,000) and the short-term holder (STH) realized cost basis of $68,000.

From a technical perspective, this means the short- and midterm structure for BTC has flipped bullish, but it's unclear if the bear market is behind us.

Jake Ostrovskis, Head of OTC trading at Wintermute, acknowledges that the week can't be faded, but notes that there was no 'full participation' to signal a true trend reversal and regime shift.