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Bitcoin Faces a Year-End Technical Test After Its December Swoon

  • The cryptocurrency is now near its 55-week moving average
  • It has tended to bounce off that level over the past 24 months
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Bitcoin seesawed between gains and losses Thursday as it tested a key technical level that over the past two years has tended to act as a floor for the world’s largest cryptocurrency.

The digital asset rose as much as 1.1% and was trading around $47,350 as of 9:05 a.m. in New York. It’s down more than 15% this month amid a broader retreat in the crypto sector.