Odaily Planet Daily reports: Galaxy’s research director posted on X that Bitcoin has closed below its 50-week moving average for the first time after seven consecutive weeks above it. In 2011–2012 and 2019–2020, Bitcoin also closed below its 50-week moving average after reasserting itself above it at the bottom of bear markets. According to weekly closing data, neither of those two bear markets subsequently made a lower low.
Bitcoin closes below its 50-week moving average for the first time after seven consecutive weeks above it.
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Summary
Bitcoin news reports that the cryptocurrency closed below its 50-week moving average for the first time after seven consecutive weeks above it, according to Galaxy Research Director cited by Odaily. Bitcoin analysis shows similar patterns in past bear markets, such as 2011–2012 and 2019–2020, where Bitcoin also fell below the 50-week MA after retesting it from the bottom without hitting new lows.
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