Bitcoin retakes 50-week moving average, targets $83,000 as futures volume tops $84 billion

Bitcoin has vaulted above its closely monitored 50-week moving average after a period of sustained upward movement, marking a potentially pivotal turn in the digital asset’s trend.

50-week moving average reclaimed

BTC surged to an intraday high of $81,797 before trading modestly lower near $81,400 late in the session. This represents a daily advance of over 5% as bulls attempt to maintain momentum toward the $82,000 to $83,000 resistance range.

According to Galaxy Research, “all eyes” have turned to the 50-week moving average, a technical level that gained heightened significance after Bitcoin spent much of the last year trading below it. This moving average historically acts as a barrier during market downturns.

BTC’s ability to close the week above this level could signal the end of the prolonged bearish trend seen in previous cycles, where the weekly close typically remained beneath the 50-week moving average until bear markets concluded.

Earlier, Bitcoin attempted a breakout above the 50-week moving average at the end of August, briefly touching $81,265 on August 25 before facing resistance near $81,085. This time, the move appears more robust, supported by a notable daily candle through the resistance zone, increasing focus on the importance of the coming weekly close.