Bitcoin’s price has cleared a key hurdle that has historically preceded major bull runs
Bitcoin rose nearly 6% on the week and traded around $81,000 as Galaxy Research said the move may confirm a new uptrend.
- 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.
- Galaxy Research examined major Bitcoin slumps since 2011 and found the cryptocurrency closed a week back above its 50-week moving average 13 times, with the firm describing the average as a kind of ceiling during major drawdowns.
- As of this writing, Bitcoin is trading near $81,450, with the 50-week average at $78,115 according to CoinDesk, while the cryptocurrency rose nearly 6% during the week, extending its rebound to 29% over the past 35 days.
- Two of the 13 instances failed, both occurring during the volatile period spanning late 2021 and early 2022 when Bitcoin briefly moved above the average before rolling over and eventually falling toward $16,000.
- Analysts typically place more weight on weekly candles above this average than on brief moves through it, as historically reclaiming this line has presaged massive bull runs in 2013, 2017, and 2021.
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19 Articles
On Monday, the price of bitcoin rose by 4% and exceeded $84,000, which happened for the first time since January 31. According to CoinMarketCap, which calculates the average price for more than 20 exchanges, by 11:43 Moscow time, the price of bitcoin increased by 4.36% over the day, reaching $83,773.28. Minutes earlier, this figure rose to $84,174.1, RIA Novosti reports.On Binance, the largest cryptocurrency in terms of trading volume, bitcoin r…
Key points of the news: Bitcoin closed the week above its 50-week mobile average for the first time in 45 weeks, according to Alex Thorn of Galaxy. In four of the five completed bass markets, recovering that level confirmed that the floor of the cycle was "established", although the 2021-2022 cycle recorded two ... Read more
Bitcoin approached $84,000 after closing above its 50-week moving average for the first time in almost eight months. While similar breakouts in the past have often resulted in strong gains, analysts note that sustained trading above $83,000 is crucial for a new bull market.
The leading cryptocurrency, Bitcoin, surged 2.5% in the last 24 hours, surpassing $84,000 for the first time since January 30th. BTC's gains over the past week have reached 9%, and over the past month nearly 30%. Altcoins also followed Bitcoin's rise, with Ethereum climbing 5.5% in the last 24 hours, exceeding $2,700. This is ETH's highest level since the end of January. Source: Bitcoinsistemi.com
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