Galaxy Research: Bitcoin's Bear Market Ended in June
Galaxy Research declared Bitcoin's bear market concluded at the June low, citing the reclaimed 50-week moving average and fading selling pressure. The firm argues the technical setup and macro debasement case now favor accumulation.
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Galaxy's Bear Market Declaration
Galaxy Research said Tuesday that Bitcoin's bear market ended at June's low, marking a technical inflection point after months of downside pressure. The firm pointed to the reclaimed 50-week moving average as a key indicator that selling momentum had exhausted and price structure had shifted higher.
Technical and Macro Backdrop
Beyond the moving average, Galaxy cited fading selling pressure—a measure of how aggressively holders were liquidating positions—as evidence that the capitulation phase had passed. The firm also emphasized a strengthening debasement case, arguing that dollar erosion and monetary policy conditions create a favorable macro backdrop for Bitcoin accumulation. Galaxy did not quantify a specific price target or timeframe for the next major rally.
Market Context
Bitcoin closed the period around $40,000-$42,000 following the June low. The price is now materially higher, having recovered through early autumn before trading sideways in recent weeks. Galaxy's call reflects a broader shift in institutional positioning, though not all market observers agree on whether the bear market formally ended or merely entered a recovery phase within a longer consolidation.
Why It Matters
For Traders
A declared end to the bear phase signals reduced downside risk for new longs but does not guarantee the next leg moves immediately or without volatility.
For Investors
Institutional capital may begin rotating back into Bitcoin if bear-market selling has genuinely exhausted, though macro headwinds remain a near-term constraint.
For Builders
A stabilizing Bitcoin price and improved sentiment typically reduce on-chain liquidation cascades and lower borrowing costs for Bitcoin-collateralized DeFi positions.
This article is for information only and is not financial advice. Read the full disclaimer.
