Bitexen Research Manager Agah Sesli evaluated the latest situation in Bitcoin. We are seeing a steady increase in the price of Gold and Bitcoin (BTC) with DXY, which has been decreasing since March towards the end of the US Presidential elections. Let’s examine together;
DXY performs tidal movements between the bottom and bottom regions within the trading zone it created in 2015. With the monetary expansion (QE) and the approach of the elections, it shows voluminous candles at the lower end of the price range that has been going on for 5 years. In this chart where bear market players appear to be dominant, DXY can set itself a new price range at the lower level or hold on to the current price range. It is necessary to carefully follow the graph, which has decreased by approximately 10% since March 2020.
So what about the Bitcoin price?
Bitcoin (BTC), which does not like monetary expansion, realized its highest closing in the last 3 years with the completion of October. We see that the momentum of Bitcoin is getting stronger with the news of the institution’s inclusion in its funds and the inclusion of companies such as PayPal in its services.
Let’s take a look at the current price range for Bitcoin at the top of the chart. 11,500.00 USD and 16,200.00 USD region, which we understand with the movements of the market players in 2017, where the price is considered high and rejected. With the rise in June 2019, Bitcoin was still unable to enter this price range and formed the bottom price of 4000 USD in March 2020.
With the weakening of DXY and positive news about Bitcoin, Bitcoin entered this price zone with a strong volume. If Bitcoin is accepted by bear market and bull market players above $ 16,200 above the price band, a new “All Time High” for Bitcoin could be seen.
Same volume after 1 year
According to Messari data, the entire transaction volume of Bitcoin reached 5.5 billion dollars on November 5th. We can say that the interest for Bitcoin, which last caught this volume value on July 10, 2019, is really high. According to the data I obtained from the Skew site, the volume formed came from platforms located in the USA.
Developments in the US and China, two major players in the cryptocurrency ecosystem, affect the future of the industry for a few years. With the result of the US elections, every action and plan that will take place for 4 years is important for Bitcoin. For example, the tax change plans put forward by Presidential Candidate Joe Biden will encourage people to buy assets like Bitcoin. It can be said that monetary expansion continues and any action to be taken to increase taxes can create a demand for Bitcoin.
Thanks for reading, nothing in this article constitutes investment advice and I invite everyone to do their own research.