Bitcoin (BTC) Price Analysis Daily Updates

Bitcoin (BTC) Price Analysis Daily Updates

Bitcoin (BTC) Price Analysis Daily Updates

Bitcoin Price Analysis: Following $300 Daily Gains, Can The Bullish Momentum Drive BTC Beyond $9,000?

A quick update following yesterdays analysis. As we mentioned here yesterday on the previous analysis Bitcoin prices recent correction down to $8200 was healthy (so far). Added to the above, is the fact that…

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 oftechnical 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, Indias 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 Libras regulations 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 BTCs, and that is enough to create large enough daily price maneuvers.

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