Bitcoin Posts Record $14,300 Weekly Gain, Market Eyes 50-Week Moving Average as Bottom Signal

Odaily News – Bitcoin closed at $77,387, posting a weekly gain of $14,264, or 22.7%, marking the largest weekly dollar increase in the asset's trading history. Bitcoin subsequently touched $81,000, hitting a three-month high, before retreating to around $79,000. The U.S. Treasury has increased the size of its long-term liquidity support repurchase operations from $2 billion to at least $4 billion per operation, with larger-scale repurchases scheduled to take place between September 9 and November 4.

Galaxy Research noted that Bitcoin's 50-week moving average currently sits near $82,470, which could serve as a confirmation signal for the next phase of bottoming. According to the firm's data, out of 13 completed bear markets since 2011, 11 confirmed cycle bottoms when weekly closes surpassed this moving average, with only the 2021–2022 double-top cycle seeing two instances where the level failed to hold.

Alex Thorn, Head of Research at Galaxy Digital, pointed out that retail buying appetite for BlackRock's iShares Bitcoin Trust spot Bitcoin ETF has reached a two-year high, during which Bitcoin briefly touched $81,257. Strive Chairman and CEO Matt Cole stated that the next Bitcoin cycle will be the strongest in history. (News, Bitcoin.com)