Bitcoin dips below 50-week moving average, Galaxy Research sees cycle repeat

Bitcoin ended its streak of seven consecutive weeks trading above the 50-week moving average with a weekly close at $74,968. The technical indicator, now positioned at $75,488, has acted as a crucial support in past market cycles, according to a recent report by Galaxy Research. Alex Thorn, head of research at Galaxy Research—a firm specializing in digital asset analysis—characterized the latest dip below the moving average as a classic Bitcoin move. Thorn explained that slipping below this line just after a bear-market bottom has been standard behavior during previous four-year cycles. Bitcoin has only twice dropped beneath this trendline after reclaiming it from bear-market lows.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.