Bitcoin (BTC) closed its seventh consecutive week above the 50-week moving average, ending the week of November 1 at $78,229, an observation highlighted by Alex Thorn, head of research at Galaxy, according to a report published by COINOTAG. The sustained positioning above the widely tracked indicator came even as the broader Bitcoin market absorbed a $6 billion-plus hack at Binance, the world's largest crypto exchange.

The 50-week moving average, derived from roughly one year of Bitcoin's weekly closing prices, is among the most closely followed medium-term trend measures in the asset's technical analysis. In the report, the 50-week line is characterized as a medium-term support level. Its year-long lookback means the line recalculates only once per week, making it slower-moving and less responsive to individual sessions than shorter-duration averages.

Weekly closes are commonly used by market participants to filter out day-to-day volatility and assess whether Bitcoin is holding above or below significant medium- and long-term reference points. Historically, analysts have pointed to extended stretches below the 50-week average during prolonged downtrends in previous market cycles, while sustained periods above the line have coincided with multi-quarter phases of upward price movement. Bitcoin's current run of seven straight weekly closes above the level therefore marks an extended stretch in which the asset has continued to hold this medium-term support measure — a stretch that, per the report, includes the week in which the Binance hack surfaced, the type of event whose short-term price effects weekly-close readings are intended to smooth out.

The backdrop to the milestone was a hack at Binance exceeding $6 billion, as noted in the report, which identifies Binance as the world's largest crypto exchange.

Going forward, the indicator updates with each new weekly close, as the most recent week's price enters the calculation and the oldest week drops out. That mechanic makes the streak self-documenting: subsequent weekly closes will either extend the run of closes above the line or end it, giving market participants a regularly scheduled reference point for tracking whether Bitcoin continues to hold the measure cited in the report.

This content was first published on COINOTAG: https://en.coinotag.com/alex-thorn-bitcoin-btc-7th-week-above-50-week-average