Bitcoin Breaks 50-Week Average, A Bullish Signal Confirmed

Bitcoin breaks 50-week average — Bitcoin has closed above its 50-week moving average for the first time in over ten months, an event that has historically signaled the end of bear markets and preceded major bull runs.

The cryptocurrency ended the week of September 20 above the key technical average, which it had traded below for 45 consecutive weeks. According to Galaxy Research’s Head Alex Thorn, cited in the report, this move represents a potentially important confirmation that the market’s bearish phase may have concluded.

Bitcoin gained nearly 6% for the week and is up roughly 29% over the last 35 days, trading around $81,450 at the time of the report. Historical analysis indicates that after 11 of its 13 previous weekly moves above this average, Bitcoin managed to avoid setting a new price low.

The immediate outlook for the continuation of this signal now hinges on whether Bitcoin can sustain its price above the average, which was situated around the $78,115 level.