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Factors Influencing the Bitcoin Trend (Bitcoin Influencing Factors)

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What influences the Bitcoin trend? According to data from Coinmarketcap, among t

Factors Influencing the Bitcoin Trend (Bitcoin Influencing Factors)

What influences the Bitcoin trend? According to data from Coinmarketcap, among the top 100 cryptocurrencies by market value, only BTC and XRP have shown significant strength. However, from the market perspective, the impact on Bitcoin’s price is not very significant. After reaching its highest point of $11,000 on December 17, 2017, it quickly fell back, and now it has dropped by about 50%. This indicates that investors are not optimistic about Bitcoin and are uncertain about its future prospects. Therefore, it is difficult to predict how Bitcoin will rise in the future or whether it will experience a sharp decline like before. However, it can be certain that there will be fluctuations in the future, which is one of the “factors influencing the Bitcoin trend” that we often hear. The bull market in 2017 was driven by retail traders because institutional attitudes towards cryptocurrency assets were positive rather than negative. In the middle and late stages of 2018, some small coins were affected by these news. Therefore, the trend of Bitcoin is actually very important because as the market continues to develop and mature, various projects are being proposed, and people will pay more and more attention to the development of blockchain technology.

Bitcoin Influencing Factors

According to bitcoinist reports, according to data from BitInfoCharts, Bitcoin has risen from $11,700 to $11,800 in the past 30 days. Since April this year, the price has remained stable around $10,000, but after a recent decline, it has rebounded. In addition, compared to other cryptocurrencies, Bitcoin has relatively low volatility. Due to its relative strength index (RSI) being in the overbought zone, traders may be more inclined to hold assets rather than track Bitcoin’s price changes.

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