Bitcoin Latest News: Here is all you need to know
January 23, 2023
Over the last couple of weeks, Bitcoin has been rallying, which has presented investors with a little hope during the crypto winter. After finding support at the $16k price level, BTC has surpassed the 100-day and 200-day moving averages at $18k.
How do you read Bitcoin charts?
Bitcoin charts typically show the price progress using candlesticks. Each candle represents a specific time-frame which could range from hours to years. The chart shows the open, close and price range during the selected time frame. In addition, the chart usually contains a variety of technical analysis indicators. A few of the popular ones are support and resistance levels, trend-lines, Fibonacci retracement levels, and Relative Strength index (RSI).
What affects the price of Bitcoin?
The Bitcoin price is influenced by supply and demand, just like any other traded asset. However, the occurrence of certain global fundamental events may have an impact on Bitcoin’s value: For example, in 2016, India’s banknote demonetization had a positive impact on Bitcoin. The cryptocurrency was trading 20% higher in India than the rest of the world. In recent years, the 2019 bull run could be linked to Facebook’s announcement on the Libra project. As news about the difficulty of Libra’s regulation began to circulate, the bull run began to lose steam.
Aside from major global events, there are some Bitcoin heavyweights, also known as Bitcoin Whales. They have thousands of Bitcoins in their possession, which is sufficient to produce sizable daily price movements.