Galaxy Says Bitcoin Bear Market Ended in June

Galaxy Research says Bitcoin’s bear market ended in June and that the cryptocurrency is now in an accumulation phase, describing current prices as attractive for investors willing to buy and hold. The assessment, set out in research published in October, is the firm’s market view rather than confirmation that a sustained recovery is underway. Galaxy points to Bitcoin’s technical performance as one reason for its conclusion. The firm said the cryptocurrency closed above its 50-week moving average for five consecutive weeks through October 18, following 44 weeks below the indicator. Bitcoin had tested its 200-week moving average during the decline to its June 30 low, Galaxy said. The research also cited reduced movement among long-dormant coins. Bitcoin untouched for at least five years moved at an average rate of 34,000 BTC per month in 2026, compared with 47,000 BTC in 2025 and 67,000 BTC in 2024, according to Galaxy. The firm interprets the slowdown as evidence that selling pressure from long-term holders has eased. U.S. spot Bitcoin exchange-traded funds have added 87,000 BTC since the June low, Galaxy said. The firm characterized that increase as directional demand rather...