Critical level for Bitcoin: $81,000! At this stage, analysts noted that Bitcoin's 50-week simple moving average is around $81,087, and stated that this level is very important for $BTC.
Analysts at Galaxy Research, having analyzed past Bitcoin bear markets, pointed to notable statistics. According to their data, in 11 of 13 completed bear markets, Bitcoin reached its bottom by the time it recovered to the 50-week moving average.
Therefore, analysts believe that if Bitcoin closes above this level on the weekly chart, the current bear market could very well be over.
In other words, after the recent rise, $BTC is in the range of $81,000–$82,000. However, to say that the bear market is over or that a bottom has been reached, it is crucial that Bitcoin not only surpasses this level on the daily chart but also remains above it on the weekly.
In conclusion, according to Galaxy Research, if historical data holds, a weekly close above approximately $81,000 for Bitcoin could be a convincing signal that the current movement is part of a larger trend reversal, not just a reaction to a rally. Therefore, Bitcoin's surpassing the $81,000 mark and closing the week above it will become one of the most closely watched market indicators in the coming period.