Bitcoin Recovers Above $81,000 as Analysts Watch Weekly Close

Bitcoin (BTC) has recovered above the $81,000 mark, surpassing key long-term trend lines. However, as it is currently Saturday, the critical factor will be whether the current price level can hold until the weekly close, which analysts say could determine future market direction.

On September 19, cryptocurrency analyst Benjamin Cowen posted on X (formerly Twitter) that Bitcoin is in a rebound phase following the golden cross breakdown. He stated that forming higher highs and closing the weekly candle above the 50-week moving average would significantly weaken bearish outlooks.

Bitcoin is currently trading around $81,255, approximately 3% above the 50-week moving average of roughly $78,785. Given that today is Saturday, maintaining this level until the weekly close is crucial.

Cowen also noted that if Bitcoin retreats below the 50-week moving average, it could align with an ongoing bear market trend. He emphasized that the focus should be on whether the weekly close remains above key trend lines rather than short-term rebounds.

Additionally, Cowen dismissed claims that Bitcoin's four-year cycle has already broken, stating that bottom points do not always form at precise times. Considering Bitcoin fell below the 200-week moving average during the second half of election years in the U.S., he argued it would be premature to conclude the cycle had failed.

He further suggested that historically, a strategy of staggered buying throughout the second half of election years has been more effective than attempting to pinpoint exact bottoms.