Bitcoin's weekly closing price has fallen below the 50-week moving average for the first time in seven weeks, according to Galaxy Digital Research Head Alex Thorn. The weekly close on November 8 landed at approximately $75,000, slightly under the 50-week MA of roughly $75,500. Thorn noted historical parallels: Bitcoin similarly re-crossed above the 50-week MA after bear market bottoms in 2011–12 and 2019–20 before dropping back below it, yet neither instance produced a lower weekly closing low than the prior cycle bottom. In the current cycle, Bitcoin peaked near $123,500 and bottomed around $59,500 before reclaiming the 50-week MA on September 20. Thorn stated that his bullish technical outlook remains valid as long as Bitcoin recaptures the 50-week moving average within one month.