Bitcoin Reclaims $81,000; Bearish Case May Weaken if It Holds Above 50-Week Average Into Weekly Close

Forecast Trend Report by Period

Bitcoin has reclaimed the $81,000 level and is trading above a key long-term trend line. With the market still in the weekend session, analysts say whether it can hold that range through the weekly close may determine the next move.

On Sept. 19, cryptocurrency analyst Benjamin Cowen wrote on X, formerly Twitter, that Bitcoin is in a rebound phase after plunging following a golden cross. A higher high and a weekly close above the 50-week moving average would significantly weaken the bear-market case, he said.

Bitcoin was trading at about $81,255. The 50-week moving average stood at roughly $78,785, putting Bitcoin about 3% above that level. Because it was Saturday, holding that range through the weekly close remains the key test.

Cowen said a drop from current levels back below the 50-week moving average would instead align with the existing bear-market view. More than the short-term rebound itself, the more important signal is whether Bitcoin can establish itself above a major trend line on a weekly basis.