[Alex Thorn: Bitcoin Weekly Closing Price Falls Below 50-Week Moving Average]
Alex Thorn, Head of Research at Galaxy Research, revealed that after closing above the 50-week moving average for seven consecutive weeks, Bitcoin's latest weekly closing price fell back below that average.
Galaxy Research data shows that in the week ending November 8, Bitcoin's weekly closing price was $74,968, below the 50-week moving average of $75,488. Thorn stated that in 2011–2012 and 2019–2020, there were instances where Bitcoin bottomed out, rebounded above the 50-week moving average, and then subsequently fell below it again; based on weekly closing data, neither of these instances resulted in a new bear market low.
