Bitcoin (BTC) Price Analysis – Daily Updates

Chart Analysis

Bitcoin Plunges on Global Stocks Crash, Where is The Next Critical Support? (BTC Price Analysis)

Sep 20, 2021

After a week of global stocks selling off and BTC managing to hold quite well, the pressure continues as SPX futures dropped sharply as fear and uncertainty regarding Evergrande’s $300B debt crisis remain. Investors need...

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• 
• Bitcoin
  (BTC)
• Price
  $43,020.00
• Market Cap
  $814,883,015,251.00

How to read Bitcoin charts?

Bitcoin charts usually present the progress of the price using Japanese candlesticks. Each candle represents a specific time-frame (depends on the chart) and is showing the open, close, and price range during that time-frame.

On top of that, the chart usually contains a variety of technical analysis indicators. The most popular are support and resistance levels, trend-lines, Relative Strength Index (RSI), Fibonacci retracement levels.

What affects the price of Bitcoin?

Just like any other traded asset, the Bitcoin price is affected by supply and demand, as simple as that. However, the occurrence of certain global fundamental events could have a relation to the value of Bitcoin: During the year of 2016, for example, India’s banknote demonetization had a positive effect on Bitcoin. In India, the price of the cryptocurrency was trading 20% higher than the rest of the world.

If we go to recent years, the 2019 bull-run could be related to Facebook announcing on the Libra project. The bull-run started losing momentum as news regarding Libra’s regulation’s hardness started popping on the news.

Besides the major global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTC’s, and that is enough to create large enough daily price maneuvers.

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