Bitcoin closed the week ending November 8 at $74 968, which is 0.7% below its 50-week moving average. This result ended a seven-week period during which the price remained above this indicator, a benchmark previously associated by Galaxy research with post-bear market bottoms.
The 50-week moving average was reclaimed on September 20 at a closing price of $81 195. Since that point, Bitcoin held above this level for seven consecutive weeks. As of the latest data, the price sits 7.7% below the reclaim level and approximately 0.6% under the current moving average of $75 488.
Alex Thorn, head of firmwide research at Galaxy, notes that there have been five instances of such reclaims since 2012. In previous cycles, specifically 2012 and 2019, Bitcoin dipped below the line after a reclaim but maintained its prior bear market lows before eventually reaching new highs.
Current market analysis highlights that the buffer between the current price and the June 28 cycle low of $59 517 is narrower than in previous cycles. The sustainability of the current bottom call depends on the price remaining above this June low, which serves as a critical support level for the market.
