Bitcoin Closes Above 50-Week Moving Average for First Time in 45 Weeks, Signaling Bear Market May Be Over

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Bitcoin closed above its 50-week moving average on a weekly basis for the first time in 45 weeks, a move that suggests the bear market may be ending and a new uptrend could be starting.

CoinDesk reported on September 21 that Bitcoin rose about 6% in the week ended September 20, finishing above its 50-week moving average. Its gain over the past 35 days has expanded to about 29%, with the cryptocurrency now trading around $81,000.

Alex Thorn, head of research at Galaxy, said the breakout could be an important signal that Bitcoin's bearish phase has ended. The key point, he said, is that Bitcoin did not merely move above the average intraday but actually closed the week above it.