Why Bitcoin Price Fluctuates?

Amid immense market pressure and global uncertainty, the largest cryptocurrency in the world, Bitcoin (BTC), has been able to maintain a steady level of around $29,000 to $30,000 after a turbulent session. However, there is a strong hope now that BTC might regain its levels and touch $60,000 or above in the time to come amid strong macroeconomic conditions and cooling inflation data.

Bitcoin, which started 2022 with a positive note, might have seen again its peak by the end of 2022, but certain unfortunate events brought too many swings in the price of BTC, which made BTC crash from $50,000 levels to $15,000 levels, over the past one year.

Recent price fluctuations in Bitcoin and in the overall crypto market has been due to unpredictable macroeconomic headwinds and the recent fallouts in the U.S banking system. Since 2022 to 2023, Bitcoin has seen crazy ups and downs, due to various reasons such as:

• Shaky U.S. banking system.
• After effects of Russia-Ukraine war.
• Inflationary fears in developed countries.
• Uncertainty due to rising interest rates in the U.S. and UK.
• Shutdown of major crypto exchanges such as Bittrex under strict regulatory environment.
• Collapse of the largest global cryptocurrency exchange FTX

 

[Eva Green]

Bitcoin has maintained the price range roughly from $20k to $30k in 2023 that's true and we understand there were certain circumstances, but there will always be some down financial conditions worldwide, does this mean everything in the world has an impact on bitcoin, and keeping that in mind there will be less chances of bitcoin price near 60k soon.

 

[BashirJasper]

There are many trigger to BTC price action but the major influence is the activities of traders in dictating its liquidity in the market. Recently, the TV of BTC plummeted and resulted in a dip to the $25k. That has prompted most maximalist to add more. I did add 0.3 BTC tho on bitget and transferred them to my trezors wallet

 

[ImamShaheb]

Bitcoin has maintained the price range roughly from $20k to $30k in 2023 that's true and we understand there were certain circumstances, but there will always be some down financial conditions worldwide, does this mean everything in the world has an impact on bitcoin, and keeping that in mind there will be less chances of bitcoin price near 60k soon.

Slow but steady...

 

[I am Praise]

Im watching it closely. Rn, it is testing the $37k price level which is on a minor zone on the weekly timeframe. If price breaks above this level, i will be interested in DCA'ing after a retest. Also I am being mindful of the bearish flag pattern it has printed cos if price breaks below this pattern, it will likely drop to $24k price level which is a minor zone, and if the minor zone fails to hold, then BTC may likely drop all the way down to $16k price level which is a major zone, to grab liquidity. Lets see how it plays out yah.

 

[Captainsaudi]

Im watching it closely. Rn, it is testing the $37k price level which is on a minor zone on the weekly timeframe. If price breaks above this level, i will be interested in DCA'ing after a retest. Also I am being mindful of the bearish flag pattern it has printed cos if price breaks below this pattern, it will likely drop to $24k price level which is a minor zone, and if the minor zone fails to hold, then BTC may likely drop all the way down to $16k price level which is a major zone, to grab liquidity. Lets see how it plays out yah.
View attachment 59577

Good analysis but i think expecting BTC to dip as low as 16k is like waiting for a ship at an airport. Though we might see it dip to $28k but i am confident it will retest $69k before halving. There are other tokens to watch out for because they have the potential for do huge X in the next anticipated Bull run. BGB has already set a new ATH and still showing signs of an uptrent movement to $2.

 

[Bestmary]

Slow but steady... View attachment 59572

Literally used Smart trend to follow the trend. We all saw that coming.

 

[Suba]

Many factors can influence the price of Bitcoin so that it will always cause price fluctuations. like:
1. The max supply is only 21 million BTC, while demand will continue to increase, which will affect the price of Bitcoin, as well as buy/sell BTC activity by whales.
2. Bitcoin Hasn't Been Mined Yet
If Bitcoin's blockchain often crashes due to overloaded transaction activity, prices will also be affected.
3. Fomo and Fud, often the circulation of fomo and fud will also affect the price of Bitcoin and cause fluctuations.
4. Tax and Interest Rules, tax and interest rules in various countries, especially in the United States, will greatly influence the price of Bitcoin.