Bitcoin Surpasses $84,000, Closing Week Above 50‑Week Moving Average

Bitcoin’s price climbed above $84,000 early on Monday, September 21, after closing the previous week above its 50‑week moving average (MA) for the first time in 45 weeks. The move sparked commentary that the current bear market may be ending.

Technical milestone reached

At 4:40 a.m. EST, Bitcoin hit a session high of $84,257, reclaiming the 50‑week MA. Analysts note that in four of the last five completed bear markets, the first weekly close above this level signaled a definitive bottom.

Analyst perspectives

Alex Thorn, head of firm‑wide research at Galaxy, said regaining the 50‑week MA is a strong confirmation that bear‑market lows are behind the market. Ted Pillows added that a break above $83,000 would confirm the cycle bottom and projected a bullish trajectory for the next two to three years.

Market impact

• Short positions on Bitcoin were liquidated for more than $212 million within an hour, according to Coinglass data.
• The liquidation of short bets contrasted with roughly $4 million in long‑position liquidations.
• Bitcoin’s market capitalization briefly touched $1.65 trillion, helping push the total crypto market cap toward $2.9 trillion.

Price context

After falling to $58,000 in early July, Bitcoin is up about 40% and approaching its January 1 price level of just under $87,600.