Bitcoin Surges to 80000, Needs to Exceed 81087 to Confirm End of Bear Market

Bitcoin has surged 25% over the past week to reach 80000 dollars. Galaxy Research states that confirming the end of the bear market requires a move above the 50-week simple moving average, currently around 81087 dollars. Historically, 11 of 13 past bear markets had bottomed by the time BTC reclaimed its 50-week moving average. If Bitcoin regains that level on a weekly closing basis, the bear market is likely over. In contrast, 50T Fund founder Dan Tapiero believes the cycle bottom has already formed, citing BTC's break above its 50-day, 100-day, and 200-day moving averages. Additionally, Bitcoin's seven-day rate of change was about 25% over the past week, a level often followed by either a pullback or sideways trading.

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