Bitcoin's weekly gain of $14,264 marked the largest weekly dollar advance in its trading history. Galaxy Research points to the 50-week moving average, now at approximately $82,470, as a key level for confirming the next cyclical bottom. According to the firm, among the 13 bear markets that have completed since 2011, 11 saw weekly closes above this average as the bottom confirmation signal; the only exceptions were two failures during the 2021-2022 double-top cycle. Alex Thorn, head of research at Galaxy Digital, said retail buying interest in BlackRock's iShares Bitcoin Trust spot Bitcoin exchange-traded fund hit a two-year high, and during that stretch bitcoin ticked to $81,257. Matt Cole, chairman and chief executive of Strive, stated that the next bitcoin cycle will be the strongest the market has seen. This report is based on News Bitcoin, as published by Odaily.
Bitcoin climbed $14,264 over the past week, the largest weekly dollar gain in the asset's trading history. Galaxy Research said the 50-week moving average now sits near $82,470 and could serve as a bottom confirmation signal for the next phase. The firm's data shows that of 13 bear markets completed since 2011, 11 confirmed a cyclical bottom when the weekly close settled above that average; only the 2021-2022 double-top cycle saw two misses.
Alex Thorn, head of research at Galaxy Digital, noted that retail buying interest in BlackRock's iShares Bitcoin Trust spot Bitcoin ETF reached a two-year high, and during that period bitcoin briefly touched $81,257. Matt Cole, chairman and CEO of Strive, said the next bitcoin cycle will be the strongest ever. (News Bitcoin)
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