Bitcoin is Below 10-Day Average!

Bitcoin, which fell this week after its recent rally at the end of 2020, remained below the 10-day average.

Popular cryptocurrency Bitcoin started trading below its 10-day average. With the highest market value, BTC carried its losses to the second day and traded below its 10-day moving average. Bitcoin, which reached the level of 42 thousand dollars by rallying in the last week of 2020, started to lose momentum in the first week of the new year. Bitcoin's rebound has also lost value this week. The two-day loss of BTC was above 8 percent. Ethereum, the second cryptocurrency with the highest market value, continues to rise. The Bloomberg Galaxy Crypto Index declined by 0.5 percent.   Seen as a Speculative Bubble Bitcoin had fallen sharply 17 percent in the first week of 2021 after reaching to $ 42,000. Discussions about the value of Bitcoin are still ongoing. Supporters of the popular digital currency argue that the industry has matured and institutional investors are beginning to see it as a hedge against inflation, while others think it is a speculative bubble reminiscent of the previous decline in 2017. Having difficulty sustaining the rally at the end of 2020, BTC saw below its 10-day average three times in January of the new year. The cruise above this level has been continuing since the beginning of December.