Bitcoin Crosses $84,000 as Analysts Declare Bear Market Over
- —Bitcoin hit $84,257, closing the week above its 50-week MA for the first time in 45 weeks
- —$212 million in BTC shorts were liquidated in one hour versus $4 million in longs
- —Bitcoin's market cap reached $1.65 trillion, total crypto market cap near $2.9 trillion
- —Next resistance stands at $87,600, the Jan. 1 level
Why it matters: Reclaiming the 50-week MA has historically confirmed bear market bottoms in four of the last five cycles, reinforcing expectations of a new uptrend.
Source: Bitcoin.com