Bitcoin posts record weekly dollar gain of $14,300, market watches 50-week moving average as bottom signal

Odaily Planet Daily News Bitcoin closed at $77,387, up $14,264 or 22.7% on the week, marking the largest weekly dollar gain since the asset began trading. Bitcoin subsequently touched $81,000, hitting a three-month high, before retreating to around $79,000. The U.S. Treasury has raised the size of its long-term liquidity support repurchase operations from at least $2 billion to at least $4 billion per operation, with larger repurchases scheduled to take place from September 9 to November 4.

Galaxy Research noted that Bitcoin's 50-week moving average currently stands near $82,470, which could serve as a confirmation signal for the bottom of the next phase. According to the firm's data, out of 13 completed bear markets since 2011, 11 saw cycle bottoms confirmed when weekly closes stayed above this moving average, with only two failures to hold during the double-top cycle of 2021 to 2022.

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