Chart Analysis
- Bitcoin
(BTC) - Price $46,736.00
- Market Cap$871,161,597,040.00
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.
Bitcoin Price News
Weekend Recovery: Bitcoin Rebounds $3K After Hitting 16-Day Low, ETH Eyes $1,500
Crypto Price Analysis & Overview February 26th: Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink
3 Possible Reasons Why Bitcoin Plunged Over 15% in 24 Hours
Bitcoin Crashing Below $45K As $160B Evaporated from the Market Cap
13,000 Bitcoins Withdrawn from Coinbase: Institutional Investors Still Buying at $48K?
Charlie Munger Compared Bitcoin to Gold But He Won’t Buy Either
Bitcoin Price Analysis: Expecting Huge Move Upon Triangle’s Breakout
Someone Just Moved 100 Bitcoins Now Worth $5M That Only Cost $8 in 2010
Bitcoin Drops Below $50K, Major Altcoins in Red: Market Watch
Bank of Korea Head Says Cryptocurrencies Have No Intrinsic Value