Bitcoin · CoinDesk
Bitcoin’s price has cleared a key hurdle that has historically preceded major bull runs
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The final barrier standing between bitcoin BTC $81,473.81 and a potentially broader recovery has fallen.
Key facts
- As of this writing, bitcoin is trading near $81,450, with the 50-week average at $78,115, according to data source CoinDesk
- The cryptocurrency rose nearly 6% during the week and was trading around $81,000, extending its rebound to 29% over the past 35 days
- Galaxy examined major Bitcoin slumps since 2011 and found that Bitcoin closed a week back above its 50-week moving average 13 times
- Galaxy identifies those failed reclaims as the Dec. 26, 2021, and March 27, 2022, crossovers
Summary
Bitcoin closed above its 50-week moving average for the first time in 45 weeks, a technical signal that its bear market may have ended. Bitcoin was trading near $81,450 after gaining nearly 6 percent for the week and 29 percent over 35 days. Bitcoin avoided setting a new low after 11 of its 13 previous weekly moves above the average, but the outlook depends on whether it can remain above the roughly $78,115 level. Bitcoin closed the week ended Sept. 20 above its 50-week moving average for the first time in 45 weeks, marking what Galaxy Research’s Head Alex Thorn described as a potentially important confirmation that the market’s bear phase may have run its course and a new uptrend is upon them.