BITCOIN; BULLISH OR BEARISH?

BITCOIN the first cryptographic currency issued on a blockchain technology controls the world of cryptocurrency.

For the past Few months Bitcoin has been on the downward edge of the market, (After a bullish season come the bearish season) to accommodate New money into the Ecosystem …. Therefore, a couple of Reds are Normal and should be expected. so as the general cryptocurrency market.

Most Recently, we have Seen a couple of Greens, COULD IT BE WE ARE BACK INTO A BULLISH SEASON?

Okay Lets Dive, (Technically);

On the Weekly Data Chart we can see BTC took off an old high of 64k zone on the last bullish season as Dated on 8th November 2021. That day marked a beginning of a change in Season (beginning the Bearish Season)

Clearly on the 4th month of Bearishness, we saw a repulsive price Swing retracing the Bears to a 45k Zone and there did a price change and momentum began.

Note- this Move happened on the First week of FEBUARY 2022

Fundamentally (ON-CHAIN);

Bitcoin being on a form of a Distributed Ledger Technology (BLOCKCHAIN) Its possible to track down activities on bitcoin network just because it’s on a blockchain and its totally distributed ….. c’mon that’s Cool right?.Yeah

Using the Blockchain.com NVT (Network Value to Transaction) which clearly denotes the Market Value to the Volume in USD over the past 3 months

Pictorial Illustration below;

From the illustration, we can see a huge volume of USD Accumulating Bitcoin as at Feb 2022 which Reversed price to an impulse of 45k region  

We also noticed there was a growth in Hash-rate of bitcoin

INCREASING HASHRATE denotes  INCREASING INTEREST RATE
DECREASING HASHRATE denotes DECREASE INTEREST RATE

We also know for a fact a currencies interest rate plays an important role in dominance of its Pair

In Addition, since the accumulation of Bitcoin we have also seen countries being investor of bitcoin

Also Bitcoin has played a role in Ukraine-Russia war, serving as a decentralized money program that can not be halted by the government.

If this Information has cleared your doubt, or answered your question drop a comment for weekly Market Review.

TERMINOLOGY BREAKDOWN

HASHRATE; MEASURE OF COMPUTATIONAL POWER USED TO VERIFY TRANSACTIONS AND ADD BLOCKS TO THE PROOF OF WORK BLOCKCHAIN

BLOCKCHAIN; A DIGITAL LEDGER OF TRANSACTION THAT IS DUPLICATED AND DISTRIBUTED ACROSS THE ENTIRE NETWORK OF COMPUTERS

INTEREST RATE;  AMOUNT OF INTEREST DUE PER PERIOD TIME OF LENDING

BULLISH SEASON; THIS A PERIOD OF TIME WHERE BY THERE IS A SURGE IN MARKET PRICE TO THE UPWARD DIRECTION

BEARISH SEASON; THIS A PERIOD OF TIME WHERE BY THERE IS A SURGE IN MARKET PRICE TO THE DOWNWARD DIRECTION

 

 

WRITER- @SOMA_SAGE

credit- blockchain explorer zycrypto strenuousblog