Why is Bitcoin Highly Volatile (Why Bitcoin Prices Fluctuate)
Why is Bitcoin highly volatile? According to cointelegraph, recent price trends
Why is Bitcoin highly volatile? According to cointelegraph, recent price trends of Bitcoin, based on data from CoinMetrics, show a significant fluctuation in Bitcoin. Why does Bitcoin experience such large fluctuations? The trading price of Bitcoin is highly correlated with its underlying currency price. In the past week, the market has seen a significant selling pressure. Bitcoin starts to fluctuate significantly when investors deposit their money into exchanges. This situation often occurs because there is a large inflow of funds into these exchanges when purchasing crypto assets. This allows people to transfer a significant portion of their wealth into Bitcoin. If a user wants to sell a portion of their funds or allocate them to other platforms, they can choose to hold some Bitcoin.
Why Bitcoin Prices Fluctuate
According to CCN, what are the main reasons behind the recent fluctuations in Bitcoin prices? According to data from Chainalysis, since March 8th, the price of Bitcoin (BTC) has risen from $65,000 to $107,000. Currently, the price of Bitcoin appears to be entering an “ascending wedge” with the upper boundary around $14,000. The lower edge points are between $93,000 and $101,000. These trends indicate that as the cryptocurrency market continues to grow and more institutional investors begin to buy or invest in digital assets, these two levels are gradually converging.
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