Bitcoin has reclaimed $81,000 and is trading above its 50-week moving average, placing the market at a key test of its longer-term trend. Cryptocurrency analyst Benjamin Cowen said on Sept. 19 that a higher high and a weekly close above the indicator would significantly weaken the bear-market case. Bitcoin was trading at about $81,255, roughly 3% above the 50-week average near $78,785, although analysts said the weekend session leaves the weekly close as the decisive near-term signal. Cowen described Bitcoin as being in a rebound phase after its decline following a golden cross, while warning that a move back below the 50-week average would support the existing bearish view. He also rejected claims that Bitcoin’s four-year cycle has already broken down, noting that cycle lows do not occur at exactly the same time and that Bitcoin has previously fallen below its 200-week moving average during the second half of U.S. midterm election years. Cowen said staggered buying through that period has historically been relatively effective compared with trying to identify the exact bottom. Earlier commentary from Galaxy research head Alex Thorn, reported by PANews on Sept. 19, likewise identified a sustained move above the 50-week average as a potentially important confirmation of a bear-market bottom and said a Sunday close above it would provide further confirmation.