Galaxy Research: Bitcoin Needs a Weekly Close Above $82,470 to Confirm Bear Market End

Odaily Planet Daily News Galaxy Research stated that Bitcoin's current 50-week moving average is approximately $82,470, serving as a key level to determine whether the current bear market has ended. A weekly close back above $82,000 would strengthen the case that the June 30 low marked the bottom.

Galaxy Research's analysis of completed Bitcoin bear markets since 2011 found that Bitcoin has revisited the 50-week moving average 13 times, with 11 of those instances not leading to new closing lows. In comparison, the 50-day moving average provides faster signals, but failed 43 out of 106 revisits.

As of August 22, Bitcoin is trading at approximately $77,190, up about 30% from the June 30 low and roughly 6% below the 50-week moving average. In longer bear markets, the first successful reclaim of the 50-week moving average typically occurs 130 to 284 days after the bottom, by which time Bitcoin has rallied 63% to 80%. (Bitcoin.com News)