Bitcoin’s 7-Week Bottom Signal Just Broke. Here Is What Happened the Last 2 Cycles

Bitcoin closed the week ending November 8 at $74,968, 0.7% below its 50-week moving average, ending a 7-week stretch above a level Galaxy's Alex Thorn had linked to past bear market bottoms. Attention now turns to the June 28 weekly close of $59,517, the lowest of this cycle, as a key reference point. Traders watch this signal because losing the 50-week average has historically preceded deeper drawdowns in prior cycles.