Galaxy Research says BTC move above 50-week SMA would signal bear market end

Bitcoin has surged 25% over the past week to reach $80,000, but confirming the end of the bear market would require a move above the 50-week simple moving average, now around $81,087, CoinDesk reported, citing Galaxy Research. Galaxy Research said 11 of 13 past bear markets had already bottomed by the time BTC reclaimed its 50-week moving average, adding that if Bitcoin regains that level on a weekly closing basis this time as well, the bear market has likely ended. By contrast, 50T Fund founder Dan Tapiero said the cycle bottom has already formed, pointing to BTC's break above its 50-day, 100-day, and 200-day moving averages on a daily basis. CoinDesk added that Bitcoin's seven-day rate of change was about 25% over the past week, a level that has often been followed historically by either a pullback or sideways trading.