Just like any other traded asset, the Bitcoin price is affected by supply and demand , as simple as that. However, the occurrence of certain global fundamental events could have a relation to the value of Bitcoin: During the year of 2016, for example, India’s banknote demonetization had a positive effect on Bitcoin . In India, the price of the cryptocurrency was trading 20% higher than the rest of the world. If we go to recent years, the 2019 bull-run could be related to Facebook announcing on the Libra project. The bull-run started losing momentum as news regarding Libra’s regulation’s hardness started popping on the news. Besides the major global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTC’s, and that is enough to create large enough daily price maneuvers.

In this chart you can find the biggest support and resistance price levels. Will This bitcoin breakout continue or stagnate and reverse? Long term view remains positive.