BTC Price
Market Cap
Daily Range
Bitcoin is approaching a critical point after spending the past several weeks digesting its powerful August rally. With the price slipping back toward the lower boundary of its recent structure and participation remaining relatively subdued, the market is increasingly dependent on the $76K-$77K area to prevent the current correction from extending further. Bitcoin Price Analysis: […]
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.
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.
