BTC falls back below 50-week MA; prior cycles saw no lower bear-market low

Bitcoin closed back below its 50-week moving average after spending seven straight weeks above the level, Galaxy Digital Head of Research Alex Thorn said. Thorn said similar patterns appeared in 2011-2012 and 2019-2020, when Bitcoin recovered the 50-week moving average after forming a bear-market bottom and then slipped back below it. In both cases, Bitcoin did not set a new low below the prior bear-market bottom on a weekly closing basis, he said.