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Alex Thorn said that Bitcoin closed above the 7-week moving average for the consecutive 50 week.
Galaxy Head of Research: Bitcoin closes above the 7-week moving average for the consecutive week 50 PANews November 2 reports that Alex Thorn, Head of Research at Galaxy Digital, stated that despite the world's largest cryptocurrency exchange suffering a hack of over 6000000000 USD, Bitcoin closed above the 7-week moving average for the consecutive 50 week.
Source: https://www.panewslab.com/zh/articles/01a199aa-8cdf-728d-97fb-78000dde4551
Alex Thorn, Head of Research at Galaxy Digital, stated that Bitcoin closed above the 7-week moving average for the consecutive 50 week.
The original text mentioned that the world's largest cryptocurrency exchange suffered a hack exceeding 6000000000 USD, but did not specify the exchange's name.
This news was relayed by PANews.
The following is analysis, separate from reported facts. Verify important claims independently.
50 A -week moving average averages prices over the past approximately 50 weeks to observe longer-term trends. Closing prices remaining above this line indicate that Bitcoin's price was above this indicator during the period described, but cannot independently confirm the future price direction.
This provides a technical-indicator signal for observing Bitcoin's medium-term price trend; meanwhile, the hacking information mentioned in the original text may affect assessments of market risk, but details are insufficient.
Beginners can understand a moving average as a smoothed price reference line and should not make trading decisions based solely on a single indicator.
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