Although Bitcoin recovered after the sharp fall, it is following a course close to the year average at the end of the week.
As Bitcoin approaches the end of the year, it is following a course close to the year average. The crypto money, which started 2021 at around $ 28 thousand, reached $ 69 thousand in November and gradually declined after seeing its all-time high.
While the 2021 average of Bitcoin is at $ 47 thousand 272 on Friday, December 10, the crypto money is trading around $ 48 thousand 300 at the same time. Bitcoin, which has the largest market capitalization, is technically following a course close to its 200-day moving average of $ 46,566 after breaking its 100-day moving average downwards last week.
On the other hand, Bitcoin investors closely monitor whether the cycle for cryptocurrencies is completed. Oanda Senior Market Analyst Edward Moya stated that the long-term bull scenario for Bitcoin still continues, but in the short term, all indicators point to a bear market. “Bitcoin needs to overcome the strengthening dollar,” said Moya, adding that the risks posed by Omicron on risky assets also suppressed the rise.