Bitcoin reclaims 50-week moving average as analysts eye end of bear market
Bitcoin crosses 50-week moving average as analysts eye a potential trend shift Hold the key level and watch for higher lows before the next breakout call
Bitcoin closed above its 50week moving average for the first time in more than 10 months, prompting some analysts to say the market may be leaving its bear phase. The move came after Bitcoin finished the week at $81,159 on Coinbase, above the 50week average of $78,788.
Analysts noted that the same level has often marked major turning points in past cycles, but they also cautioned that one weekly close is not enough to confirm a new bull market. They said Bitcoin will need to hold above the level and continue making higher lows for the trend to strengthen.
Some market observers pointed to improved conditions, including Bitcoin’s recovery from July lows, repeated liquidations that reduced leverage, and signs of renewed institutional demand. Others focused on different price levels and chart patterns before calling the bear market over.