Galaxy Research Director: Bitcoin Closes Below 50-Week Movin
Galaxy research head Alex Thorn said Bitcoin's weekly close on Nov 8 was $74,968, 0.7% below the 50-week moving average of $75,488 at the time, ending a seven-week streak above that average. He cited precedents from the two bear market bottoms in 2011–2012 and 2019–2020, but stressed that the historical sample is limited and whether the 2026 low has formed can only be confirmed after the fact.
Event timeline
- [11-09 01:40] Galaxy research head: Bitcoin closes below the 50-week MA for the first time after seven consecutive weeks above it (Odaily Planet Daily)
- [11-09 01:52] Galaxy research head: Bitcoin closes below the MA again after seven consecutive weeks above it (Wu Shuo)
Background and impact
On Nov 8, 2026, Bitcoin's weekly close was $74,968, 0.7% below the then 75,488 50-week MA, ending a prior streak of seven consecutive weekly closes above it. Galaxy research head Alex Thorn disclosed this in a post on X. Odaily Planet Daily reported the view at 01:40 on 2026-11-09, and Wu Shuo followed up at 01:52, adding the specific closing price and MA value. Both sources agree on the core conclusion of the same statement: after seven consecutive weeks above the 50-week MA, Bitcoin closed below it again.
Thorn gave two historical references in his tweet. From 2011 to 2012 and from 2019 to 2020, Bitcoin in both cases reclaimed the 50-week MA at bear market bottoms and then broke below it again; based on weekly closing data, neither bear market made a lower low afterward. This analogy can easily be read as "a break below does not equal a new low," but Thorn himself stressed that the historical sample is limited and whether the 2026 low has already formed can only be confirmed after the fact. The two sources are consistent on this point, differing only in details: Odaily Planet Daily's report did not list the specific price levels or the analyst's name, while Wu Shuo explicitly recorded $74,968, $75,488, 0.7%, and Alex Thorn's byline.
From an information standpoint, the value of this statement is not in giving a direction, but in placing the current price action into a comparable historical framework while clearly marking the boundaries of that framework: the sample size of the two historical cases is insufficient to constitute a statistically meaningful conclusion. For investors watching weekly-level signals, the 50-week MA is a common medium- to long-term reference indicator, but it reflects the average of past prices, not a prediction of the future. Similarly, the choice of tools and entry points should be kept separate from judgment: information such as Huobi HTX registration APP download, Gate.io registration APP download, Bitget registration APP download, Binance registration APP download, and OKX registration APP download should be based on the official channels of the above platforms and should not be conflated with market views. Based on the available material, neither source provided more follow-up data, and the event remains at the level of a weekly close signal and historical analogy.
FAQ
### What does Bitcoin falling below the 50-week MA mean?
According to Galaxy research head Alex Thorn, this is the first time Bitcoin has closed below the 50-week MA after seven consecutive weeks above it: the weekly close on Nov 8 was $74,968, 0.7% below the then 75,488 50-week MA. He also stressed that the historical sample is limited and that this cannot be used to judge whether a low has formed.
### How did prices move historically after similar signals?
The material mentions two instances: 2011–2012 and 2019–2020: Bitcoin reclaimed the 50-week MA at bear market bottoms and then broke below it again, but based on weekly closing data, neither instance made a lower low. Thorn cautioned that the sample size is limited.
### What nodes should be watched going forward?
Watch whether subsequent weekly closes remain below the 50-week MA, and whether lower weekly closing lows appear. In the material, Thorn explicitly states that whether the 2026 low has formed can only be confirmed after the fact.