Bitcoin rose about 25% over the past week and briefly approached $80,000, but Galaxy Research says the next key test sits just above current levels. According to the firm, BTC is still facing resistance at the 50-week simple moving average, which is now clustered around $81,000 to $82,000. The level matters because, in completed Bitcoin bear-market cycles, BTC/USD has reclaimed the 50-week moving average 13 times, and 11 of those instances coincided with a bear-market bottom already being in place. Based on that historical pattern, Galaxy Research said a weekly close back above roughly $82,000 could indicate that the current bear market has already ended. At the same time, the firm flagged a separate momentum signal. Bitcoin’s 7-day rate of change has reached about 25%, a reading it described as unusual over the past five years. In prior episodes with similar readings, BTC often saw its rally cool, followed by a pullback or a period of sideways consolidation, according to CoinDesk.
Bitcoin has gained about 25% over the past week and briefly climbed near $80,000, but it is still running into a key technical barrier at the 50-week simple moving average, according to Galaxy Research. That moving average is currently sitting in the $81,000 to $82,000 range.
Galaxy Research said that across completed Bitcoin bear-market cycles, BTC/USD has reclaimed the 50-week moving average 13 times. In 11 of those cases, the bear-market bottom had already formed. On that basis, the firm said a weekly close back above roughly $82,000 could suggest that the current bear market is already over.
The report also pointed to stretched short-term momentum. Bitcoin’s 7-day rate of change, or ROC, has reached about 25%, a level Galaxy Research said has been rare over the past five years. In historical cases with similar readings, BTC usually saw its advance slow, retrace, or move into a period of consolidation. The item was cited by CoinDesk.
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