Bitcoin’s 7-Week Bottom Signal Just Broke. Here Is What Happened the Last 2 Cycles

Bitcoin (BTC) closed the week ending November 8 at $74,968, 0.7% below its 50-week moving average. That ended a 7-week run above a line whose reclaim Galaxy’s Alex Thorn had tied to past bear market bottoms. For Bitcoin holders, attention now shifts to the June 28 weekly close of $59,517, the cycle’s lowest. Twice before, the same break left the bear market low intact. Bitcoin, however, has less room above its low this time. Bitcoin Slips Back Under Its 50-Week Moving Average The 50-week moving average is the simple average of Bitcoin’s last 50 weekly closes. Bitcoin reclaimed it on September 20, 12 weeks after the June low, according to Galaxy. Starting with that $81,195 reclaim close, Bitcoin finished above the average for 7 straight weeks .

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