BloFin Sees Bullish Bitcoin Signals Despite Recent Pullback
BloFin Research said Bitcoin may have entered a new bull market despite the recent correction, citing its hold above the 50-week moving average. The firm also pointed to MVRV and other on-chain indicators improving, and noted the last bear phase was shorter and shallower than prior cycles. The bullish scenario depends on Bitcoin maintaining support between $74,000 and $78,800.
BloFin Research places Bitcoin’s recent pullback within a possible new bull phase. The asset stayed above its 50-week moving average, near $78,800 when crossed in September. Weekly closes around $81,200 and $84,456 followed, with a move above $86,000 in early October before prices eased to roughly $83,600.
The firm also cites MVRV near 1.54 versus a 365-day average around 1.44 on October 11. Bitcoin peaked near $126,000 in October 2025 and fell to $58,525 on June 30, 2026, a roughly 53% drawdown. Support between $74,000 and $78,800 remains key.
If BloFin’s bullish scenario holds, retail and institutional crypto investors may see improved sentiment, while miners, exchanges, and related fintech firms could benefit from higher activity. A drop below support might renew caution, affecting leveraged traders and smaller holders most. Broader society may feel effects mainly through investment portfolios, fintech adoption, and regulatory attention, though outcomes remain uncertain.