How Bitcoin hits $ 57.000 an all-time high?

In today's blog post, we will write about the cryptocurrency bitcoin, which is steadily rising and breaking a record after another. Starting our blog post with what bitcoin is, we will analyze the recent record-breaking levels. let's start.

After the 2008 crisis, the person or persons named Satoshi Nakamoto published their technical articles on Bitcoin, an end-to-end electronic payment system. Thus, Bitcoin emerged as a decentralized, tertiary tamper-proof cryptocurrency. It came into use as a public network in 2009. Subsequently, Bitcoin was named "1st generation blockchain" as the first successful cryptocurrency.

Thanks to its distributed structure, it has risen against today's financial system in a very short time. While it is possible to track transactions entering the Bitcoin network, it is impossible to find out who made the transaction. Transactions approved on the Bitcoin Blockchain network are irreversible due to their chain structure and these transactions cannot be changed.

The arrangement or the Bitcoin value of zero for failing to control natural maintained rose up to thousands of dollars. After the rise of Bitcoin, many other cryptocurrencies have emerged. These currencies are called "alternative coin", in other words, "sub coin". While creating alternative cryptocurrencies, competitive advantage has been utilized by having different features at various points and new market types have emerged. The maximum amount of money that can be produced on these differences, the algorithm blockchain subtypes (private / shared, authorized / unauthorized agreement) can be mentioned.

What are the Advantages of Bitcoin?

In addition to a variety of risks the use of Bitcoin as there are many advantages. Inflation is low and the risk of collapse, simple, reliable, and trace exile * (anonymous) is one of the main advantages. Compared to traditional methods of money transfers safer, cheaper, and faster be an important advantage of Bitcoin. Millions of pounds worth of Bitcoin in your wallet that you can access from anywhere ulaşabilirsiniz. to provide such a high amount of money in cash or with a different method, there is no way that easy transport. any transactions made on your account balance of a person and/or persons known to the bank and can not be controlled by the state and also provides some advantages.

Bitcoin price exceeded 57 thousand dollars to reach the highest level of all time in major stock markets. February 14, Valentine's Day Bitcoin (BTC) price rose to a new record-breaking 49 344 dollars in Coinbase over 49,000 dollars. Nowadays, bitcoin is breaking a record on the record and watching at the level of 56 thousand dollars.

Three main causes of the rise of all-time highest level Bitcoin, namely high stabilco inputs, clean break of resistance area of $ 38,000 and has a long-term consolidation phase.

High Stabilo's input was important

During the past few days, despite the $ 38,000 Bitcoin's under consolidation, intra-chain analysts, have identified a continuous increase in input stabilco.

According to data from a data crypto quant analytical platform, Stableco the Supply ratio (SSR) 30,000 to $ rises from the region has increased significantly.

SSR index of BITcom market value indicates the ratio of the market value of fixed collected coins.

Bitcoin price rises with SSR, it probably means that thrown aside capital driven by re-entering the market. just overly leveraged because quite optimistic this trend shows whether the rally driven by a futures market. In fact, the real demand from the spot market, which led to the uptrend. Analysts, as well as high rates of stabilco, they also determine the decline in sales from miners printing. The combination of lower sales and the introduction of increased pressure from the miners stabilco the stock market, has catalyzed the ongoing rally of Bitcoin.

$ 38,000 is breaking resistance in a clean way

Bitcoin was below the resistance area of $ 38,000 consolidated for a long time. This Bitcoin was a risk factor for the short-term bull cycle. When the Bitcoin price remains below the key resistance area for a long time, BTC increases the likelihood of falling into a lower support area to reach the lower liquidity.

This is partly Bitcoin's final impulse 38.000 $ 's regularly exceed $ 44,000 before' is the cause of a fall.

Long consolidation was beneficial for the decline in the price of BTC

A relatively long consolidation period normally leads to two scenarios: a serious fault or a major break. Bitcoin, if collected without a strong foundation to support the rally, has a better chance to lead to the consolidation of a deep correction. However, in the case of Bitcoin in the last three days, $ 38,000 for purchases under consolidation phase, increased stabilco's entries, in a high Coinbase premium, and both spot and futures markets were generally supported by a high trading volume.

Therefore, futures also remains a highly leveraged and overcrowded market, was able to pass the resistance area despite the long BTC risk of jamming. There are several reasons that make the foreseeable future sustainable rally. First, stabilco input is not slowing down. Second, in today's rally, the market turned downward short-term upward trend in the structure of the lower time frames. Bitcoin, as long as the return on the $ 38,000 level to a support area, the market will remain short-term bullish structure intact.

As the Finage company, we aim to present our articles on more detailed topics such as US Stock API, Live Market Data API, and Algo Trading API in the near future. Beyond that, you can browse our articles on topics such as Finage Stocks Data API, Finage Forex Data API, Finage Cryptocurrency Data API. For your possible questions, Finage consultants will welcome you with team spirit and take care of your questions.