Bitcoin reclaims 50-week moving average: Is the bear market over?
Bitcoin’s move above its 50-week moving average has historically marked the end of bear markets, but analysts say one weekly close isn’t enough to confirm a new bull run.
After a more than 10-month absence, Bitcoin has breached its 50-week moving average for the first time in over a year. While this milestone has historically marked the end of bear markets, analysts caution that a single weekly close is not sufficient to confirm the onset of a new bull run. Bitcoin's closing price at $81,159 on Coinbase last Sunday surpasses the 50-week moving average of $78,788, according to data from TradingView.
This development could indicate the conclusion of Bitcoin's bear market, with Galaxy Research's Alex Thorn previously stating that retaking the 50-week moving average has definitively signaled the bottom of bear markets in four out of five completed bear markets. However, analysts emphasize that additional confirmation is needed before declaring the bull market officially underway.
Bitget's Ryan Lee suggests that Bitcoin must maintain an upward trend by staying above the 50-week average and forming higher lows. Collectively, investors remain optimistic, with some analysts pointing out that the market backdrop has improved, with Bitcoin recovering from its July lows of $57,000.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
