Galaxy Head of Research: Bitcoin Weekly Close Breaks Below 50-Week Moving Average

TechFlow news, November 9: According to Alex Thorn, Head of Research at Galaxy, Bitcoin's latest weekly close fell back below the 50-week moving average after closing above it for seven consecutive weeks.

A chart from Galaxy Research shows that for the week ending November 8, Bitcoin's weekly close was $74,968, below the 50-week moving average of $75,488. Thorn noted that after bear market bottoms in 2011–2012 and 2019–2020, Bitcoin reclaimed the 50-week moving average before breaking below it again; based on weekly closing data, neither episode produced a new bear market low.

Source: TechFlow