Last Price
$16,523
Daily High
$16,769
Daily Low
$16,484
Chart Analysis
Bitcoin Trading at Historic Support but is a Drop Below $16K Inevitable? (BTC Price Analysis)
16:19
At the time of writing, Bitcoin is trading at $16,100. The following looks at the worst-case scenario in the short term, given the market’s broad pessimistic
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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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Bitcoin Price News
Despite Many Selling Bitcoin at Loss, Bottom Might Not Be Here Yet: Analysis
Bitcoin Whales Underwater as Markets Mirror Late 2018: Glassnode
Bitcoin Plummets Below $16k, Taps Another 2-Year Low
Bitcoin Trading at Historic Support but is a Drop Below $16K Inevitable? (BTC Price Analysis)
$11K or $9K: Bitcoin’s Expected Bottom Based on Previous Bear Markets
Did Bitcoin Bottom or Is Another Drop to $15K in Play? (BTC Price Analysis)
Bitcoin Rollercoaster Continues, CRO Recovers 12% Overnight (Market Watch)
Bitcoin Tests $17K as Crypto Markets Add $40B on Musk and Binance Tweets (Market Watch)
Bitcoin Skyrockets by Almost $1,000 as Binance’s CZ Announces Industry Recovery Fund
Was This Capitulation or More Pain Ahead for BTC Following the FTX Bankruptcy? (Bitcoin Price Analysis)
Despite Many Selling Bitcoin at Loss, Bottom Might Not Be Here Yet: Analysis
Bitcoin Whales Underwater as Markets Mirror Late 2018: Glassnode
Bitcoin Plummets Below $16k, Taps Another 2-Year Low
Bitcoin Trading at Historic Support but is a Drop Below $16K Inevitable? (BTC Price Analysis)
$11K or $9K: Bitcoin’s Expected Bottom Based on Previous Bear Markets
Did Bitcoin Bottom or Is Another Drop to $15K in Play? (BTC Price Analysis)
Bitcoin Rollercoaster Continues, CRO Recovers 12% Overnight (Market Watch)
Bitcoin Tests $17K as Crypto Markets Add $40B on Musk and Binance Tweets (Market Watch)
Bitcoin Skyrockets by Almost $1,000 as Binance’s CZ Announces Industry Recovery Fund
Was This Capitulation or More Pain Ahead for BTC Following the FTX Bankruptcy? (Bitcoin Price Analysis)