Bitcoin Price Analysis – What's Driving the Price Up?

Price Analysis will take a look at the Bitcoin price chart and try to make sense of it. It discusses the importance of key support and resistance levels, trading volume and charts of an entire market.

The price of Bitcoin (COIN, OTCQX: GBTC) has been on a nice uptrend since late October 2017, climbing from around $5,000 to over $10,000 by mid-December 2017. What’s behind the rise? It all depends on who you ask. 

Bitcoin Price Analysis – What's Driving the Price Up?
Bitcoin Price Analysis – What's Driving the Price Up? 

and how you define behind. There are lots of potential drivers out there, such as new money flowing into the market and optimism about the upcoming Lightning Network upgrade. But it's hard to know for sure what's driving the price right now until we have more data to look at.

Why the Bitcoin Price is Rising Again: A History

The Bitcoin price is rising again and some say it's because of big corporates, big data, and high demand. But what's driving the price up? Let's take a look at Bitcoin's price history. Two events had an enormous impact on Bitcoin's price in 2013. In October, China banned all bitcoin exchanges which led to an immediate drop in bitcoin prices followed by an ongoing decline that lasted until 2015.

How Has The Market Performed Lately?

Bitcoin has seen a surge in price over the past few months. The cryptocurrency was trading at around $4,000 in March 2020. However, since then, the price has been on an upward trend and has reached a new all-time high of over $19,000 in December 2020. So, what's driving the price up? One factor that is likely contributing to Bitcoin's recent rise is the speculation surrounding ETFs (exchange-traded funds). 

Several investment firms have made applications for Bitcoin ETFs, which would allow investors to buy and sell Bitcoin without having to purchase it from cryptocurrency exchanges. There are also rumors that some countries such as Japan will introduce their bitcoin ETFs this year which could lead to increased demand for Bitcoin worldwide.

China Regulates Again

After a long period of no regulation, China has decided to start regulating Bitcoin again. This has caused the price of Bitcoin to go up in both China and the rest of the world. The reason for this is that China controls a large amount of the Bitcoin mining power, and when they regulate, it has a big impact on the market. 

However, it is still unclear what exactly China will do with Bitcoin, so we will have to wait and see how this plays out. In the meantime, here are some Bitcoin price history charts you can view:

There are three ways to find bitcoin prices over time: you can look at a chart over different periods (1 day, 1 week, 1 month), you can look at Bitcoin prices today over time zones around the world or you can even look at historic bitcoin prices (from as far back as 2009). Charts are an easy way to view trends over time and Bitcoin price history charts show just how volatile Bitcoin can be.

Financial Institutions Invest in Blockchain Technology

Bitcoin's price has been on the rise lately, and a few factors are driving this. One is that more and more financial institutions are investing in blockchain technology. They see it as a way to streamline processes and reduce costs. Another factor is that people are becoming more aware of Bitcoin and its potential as an investment. 

The price of Bitcoin is often volatile, but over time it has tended to go up. So, if you're thinking of investing in Bitcoin, now might be a good time to do so. However, Bitcoin prices can change quickly and you should make sure you understand how to buy Bitcoins before doing so.

The SEC May Approve A Bitcoin ETF This Year

The U.S. Securities and Exchange Commission (SEC) is considering approving a bitcoin exchange-traded fund (ETF). This would be a big deal for the cryptocurrency, making it much easier for mainstream investors to get exposure to bitcoin. 

The SEC is expected to decide on whether to approve the ETF by March 11th. If approved, it would be the first bitcoin ETF in the United States. There are already a few ETFs that track other cryptocurrencies, but none that follow bitcoin specifically. 

It is important to note that even if the SEC does not approve this bitcoin ETF, there are still several ways for people to invest in bitcoin. For example, people can buy bitcoins from exchanges or over-the-counter markets.

Opportunities Abound In Emerging Markets

While many investors focus on established markets like the U.S. and Europe, some opportunities abound in emerging markets. Countries like Brazil, India, and China are experiencing rapid economic growth and their citizens are increasingly adopting Bitcoin. As a result, we're seeing the Bitcoin price rise in these markets. 

To put this into perspective, Bitcoin prices have increased by 17% since last week alone in Brazil. Meanwhile, Indian Bitcoin exchanges have experienced so much demand that they had to temporarily halt new registrations due to overwhelming response rates of up to 500,000 new users per day.

Where Could BTC/USD Go From Here?

Bitcoin has seen a massive price increase over the past few months. The bitcoin price GBP has more than doubled, and the bitcoin price AUD has tripled. This is due to several factors, including increasing interest from big corporates and institutional investors and a general increase in demand for cryptocurrency. 

The bitcoin prices live have gone up significantly, with an upward trend across all exchanges. With this being said, it can be difficult to predict what will happen next with the bitcoin price live market.

Some analysts believe that there is an increased possibility that Bitcoin could hit $20k or even $25k by 2019!

The cryptocurrency market has been on a roll but is bitcoin having an impact? In today's bitcoin price analysis, we'll review the recent rise against the USD and see what factors are driving the current price action. 
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