Bitcoin Dips Below $81K as Crude Surges and Fed Signals Hawkish
Bitcoin fell below $81,000 on Thursday as oil surged and a Fed official signaled more rate hikes are likely.
Bitcoin closed above its 50-week moving average for the first time this cycle, with 80% confidence in a regime change, as price nears $86K.
Bitcoin Magazine
Bitcoin Bull Market Engaged? 50-Week Moving Average Flips Bullish
For the first time in this cycle, Bitcoin has closed its weekly candle above the 50-week simple moving average. Sean Hagan assigns roughly 80% confidence to this being a true regime shift. In this Chart of the Day, he and Grace Remington examine why this indicator has historically marked the boundary between bull and bear markets, what one more weekly close would confirm, and the only two times in Bitcoin's history that the signal failed. With Bitcoin up nearly 10% on the week and pushing past $86K, the timing aligns almost exactly with the one-year period from all-time high to cycle bottom.
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