Alex Thorn, Head of Research at Galaxy Digital, said that Bitcoin is currently showing strong upward momentum. He stated via his X, "Bitcoin is currently trading above its 50-week moving average. In past cases, breaking the 50-week moving average has served as an important signal confirming the formation of a bear market bottom. Especially if Bitcoin closes above its 50-week moving average based on this Sunday's weekly close and maintains that level, it would further support this claim," he added, stating, "This rally is real."
