Galaxy head of research Alex Thorn said Bitcoin is showing strong price action after moving above its 50-week moving average, calling the current advance one that looks "real." He said a break above the 50-week average has historically served as an important signal that a bear-market bottom is already in place. Thorn added that if BTC can close this Sunday above the 50-week moving average, that would offer added confirmation for the move. The comments frame the level as a key weekly marker for traders watching whether the latest rise has staying power. No additional price targets or timing beyond this week’s Sunday close were provided in the source. The remarks were cited by Odaily in a brief market update.
Galaxy head of research Alex Thorn said Bitcoin is showing strong momentum, with the price now above its 50-week moving average, and said the current rally looks "real."
Thorn said that, historically, a move above the 50-week moving average has been an important signal that a bear-market bottom has formed.
He added that if BTC closes this Sunday above the 50-week moving average, it would provide further confirmation of the move.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
