Key facts
- Bitcoin closed a weekly candle above its 50-week simple moving average for the first time this cycle.
- Analyst Sean Hagan has roughly 80% confidence this is a genuine regime change.
- The 50-week moving average has historically marked the line between bull and bear regimes.
- Bitcoin was up nearly 10% on the week, pushing through $86,000.
Bitcoin has closed a weekly candle above its 50-week simple moving average for the first time this cycle, a technical signal that analyst Sean Hagan believes has an 80% probability of indicating a genuine regime change. This indicator has historically served as a dividing line between bull and bear markets for the cryptocurrency. Hagan, along with Grace Remington, discussed the implications in a "Chart of the Day" segment. The timing of this technical development aligns with the typical one-year window from an all-time high to a cycle bottom. Bitcoin's price has risen nearly 10% this week, surpassing $86,000.