Bitcoin simply closed a weekly candle above its 50-week easy transferring common for the primary time this cycle, and Sean Hagan places roughly 80% confidence on this being a real regime change. On this Chart of the Day, he and Grace Remington break down why this indicator has traditionally marked the road between bull and bear regimes, what one extra weekly shut would affirm, and the one two instances in Bitcoin’s historical past the sign didn’t maintain. With Bitcoin up practically 10% on the week and pushing by $86K, the timing strains up virtually precisely with the one-year window from all-time excessive to cycle backside.
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Supply: bitcoinmagazine.com
