Galaxy Research Head: Bitcoin Closes Above the 50-Week Moving Average for Seven Consecutive Week

Galaxy Digital head of research Alex Thorn noted on November 2 that Bitcoin has closed above its 50-week moving average for the seventh consecutive week, a technical milestone he argues underscores the asset's resilience. Thorn highlighted that Bitcoin held this market structure despite a hack exceeding $6 billion at the world's largest crypto exchange, an event that would typically pressure prices. The 50-week moving average is widely watched as a long-term bull-market support level, and sustained closes above it are often read as confirmation of an ongoing uptrend. The claim that the exchange absorbed a $6 billion exploit without derailing Bitcoin's weekly structure suggests strong underlying demand and reduced downside sensitivity to exchange-level shocks. Watch for whether Bitcoin can log an eighth consecutive weekly close above the 50-week MA and how the affected exchange's recovery and any fund flows respond in the coming weeks.