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

on November 9, that Galaxy Research head Alex Thorn noted that after closing above its 50-week moving average for seven consecutive weeks, Bitcoin recently closed back below this level.

The chart from Galaxy Research shows that for the week ending November 8, Bitcoin’s weekly closing price was $74,968, falling below the 50-week moving average of $75,488. Thorn pointed out that during the 2011–2012 and 2019–2020 periods, the asset briefly reclaimed the 50-week moving average after hitting bear market bottoms before breaking below it once more; based on weekly closing data, neither instance resulted in a new bear market low.