- Bitcoin yearly moving average edges closer to an all-time high as Bitcoin rallies 15% this week
With Bitcoin already recovering the majority of its losses from March, the Bitcoin yearly moving average edges closer to its all-time high. The previous all-time high was in early 2018, following Bitcoin’s spike to $20,000. However, Bitcoin is about to invalidate the 2018 high if the upward trend continues.
This comes as Bitcoin flirts with the $10,000 level and reaching a yearly high of $13,700. Despite experiencing high volatility amid COVID-19, the asset is still up 23% YTD.
While the moving daily average does not mean Bitcoin is reaching an all-time high, it means that the average price is. As a result, it shows that the digital asset has strong support at those levels and can help quantify its yearly performance.
Bitcoin’s price hike comes as the halving nears. The halving will reduce the output of new Bitcoin by half, from 12.5 BTC to 6.25 BTC. As a result, the inflation rate will plummet from over 3% to 1.8%, lower than the global average. It is likely that Bitcoin’s price is rising due to the upcoming halving.
Furthermore, this halving will be unlike any other. The last Bitcoin halving in 2016 drew mainstream media attention despite Bitcoin’s price staying well under $1,000. After the 2017 bull-run, mainstream media has continued to cover Bitcoin and cryptocurrencies. The 2020 halving has already seen an unprecedented surge in interest with just under two weeks left before the hyped event.
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