Bitcoin (BTC) Price Analysis
Bitcoin charts usually present the progress of the price using Japanese candlesticks. Each candle represents a specific time frame (depending on the chart) and shows the open, close, and price range during that time frame. On top of that, the graph usually contains a variety of technical analysis indicators. The most popular are support and resistance levels, trend lines, Relative Strength Index (RSI), and 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 2016, for example, India's banknote demonetization had a positive effect on Bitcoin. In India, the price of cryptocurrency was trading at 20% higher than in the rest of the world. If we go to recent years, the 2019 bull run could be related to Facebook's announcement of the Libra project. The bull run started losing momentum as news regarding Libra's regulation's hardness started popping on the news. Besides the significant global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTCs, and that is enough to create large enough daily price maneuvers.
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 2016, for example, India's banknote demonetization had a positive effect on Bitcoin. In India, the price of cryptocurrency was trading at 20% higher than in the rest of the world. If we go to recent years, the 2019 bull run could be related to Facebook's announcement of the Libra project. The bull run started losing momentum as news regarding Libra's regulation's hardness started popping on the news. Besides the significant global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTCs, and that is enough to create large enough daily price maneuvers.
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