Bitcoin Breaks Above 50-Week Moving Average, Doctor Profit Says

Doctor Profit said on X that Bitcoin has broken above its 50-week moving average, which is near $78,700. According to Odaily, he said a weekly close above that level would be a confirmation signal for the start of a new bull market. He said the current move resembles the structure seen in 2022 and 2023, when Bitcoin was blocked for several weeks, went through a bear trap, and then reclaimed the 50-week moving average. He added that Bitcoin has fallen below and then regained the 50-week moving average seven times in history, with five of those cases leading to bull markets and two false breakouts in 2011 and 2020. Bitcoin is still trading in the $71,000 to $82,000 range, and a move above $82,500 to $83,000 would provide stronger confirmation, he said. He added that he will continue holding spot positions and is targeting $88,000 after the remaining resistance is broken.