Galaxy Digital research head Alex Thorn argued in a report that Bitcoin’s bear market ended in June and that it is now in an accumulation phase. He based the view partly on five straight weekly closes above Bitcoin’s 50-week moving average and on its market value staying above its realized value throughout the downturn.
Thorn said a weekly close below the 50-week average, then $76,540, would challenge his view if Bitcoin did not regain that level within a month. The report came amid uneven trading and spot Bitcoin ETF outflows; higher Treasury yields could also make Bitcoin less appealing. Galaxy and Thorn disclosed that they hold Bitcoin.
