As the world continues to grapple with the ongoing coronavirus pandemic, it’s no surprise that investor interest in the world of crypto is gaining traction as a safe-haven asset. With the rise of digital currencies and the unregulated nature of the crypto currency world, investors are increasingly taking a closer look at the movements of Bitcoin’s price and the subsequent trend in the evening markets. In this evening bitcoin market report, we take a look at the latest updates in the crypto market, giving investors a better idea on what could be the potential factors influencing the price of Bitcoin.
1. Evening Bitcoin Market Report: Overview
The bitcoin markets have had an interesting day on the whole. In the early afternoon, bitcoin began to rally, with prices pushing up over the USD 7,000 mark. By late afternoon, the price had come back down to close the day just over USD 6,500.
The news for the day was generally positive for the bitcoin market. There were reports of the European Central Bank considering the possibility of a digital euro, which is seen as a major step forward in the worldwide adoption of cryptocurrencies. In addition, US based payments firm Square announced that it had purchased USD 170 million worth of bitcoin as part of its treasury reserve.
- Open Price: USD 6,550
- Close Price: USD 6,590
2. Key Events Impacting the Bitcoin Price
The key events that impact the Bitcoin price are often marked by major changes and decisive shifts in the cryptocurrency markets, and these events have a lasting effect on the price of Bitcoin.
The biggest event that affected the price of Bitcoin was the 2017 initial coin offering (ICO) bubble. Since its first month of trading, the price of Bitcoin skyrocketed, culminating in a peak of nearly $20,000 per coin in December of 2017. However, as more ICOs were created and more people entered the market, the bubble burst and the value of Bitcoin crashed to a low of $6000.
More recent events include the launch of Bakkt, a cryptocurrency platform developed by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. The launch of Bakkt was viewed as a major step forward in legitimizing cryptocurrency within traditional financial institutions, and this optimism was reflected in the price of Bitcoin, which rose from around $5000 in April 2019 to over $9000 in June 2019.
Additionally, Bitcoin’s price has been impacted by governments introducing regulations that seek to legitimize the cryptocurrency markets. For example, the United States government has introduced guidelines to ensure that Bitcoin transactions are compliant with existing laws and regulations. This has made the market more attractive to investors, resulting in increased demand and higher prices.
Lastly, the Bitcoin halving event, which occurs every four years, has an important effect on the price of Bitcoin. Bitcoin halving results in a decrease in the number of coins being mined, which can lead to a shortage of Bitcoin and a subsequent increase in demand and price. The most recent Bitcoin halving occurred in May 2020, and the price of Bitcoin rose from around $7500 before the event to around $10,000 afterwards.
3. Technical Analysis of the Bitcoin Market
is important for investors to understand in order to analyze price trends and possible entry points. Technical analysis can help traders gain an understanding of whether a trend is overextended or about to reverse, as well as pinpoint buy and sell signals.
By using technical analysis, market participants can follow the price movements of each coin and its respective market. This gives investors an understanding of the overall sentiment of the market. Additionally, technical analysis can provide information as to which coins are in an overbought or oversold position and where certain coins are likely to move.
- Trend lines and support/resistance areas: These help traders identify the overall strength or weakness of a trend and its likely future direction.
- Indicators: Technical indicators, such as Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Commodity Channel Index (CCI), help traders identify whether a trend is overextended or ready to reverse.
- Volume: By looking at the trading volume of a coin, investors can identify whether the price is likely to go up or down and indicate the intensity of the trend.
By understanding the various methods of technical analysis, investors can evaluate the current market and make informed investment decisions accordingly.
4. Outlook for the Coming Day
The coming day looks quite promising. Weather systems have weakened significantly since yesterday, raising hopes for plenty of sunshine and clear skies…
- Sunny skies with some scattered clouds can be expected in the morning
- Temperatures are likely to remain between the low and mid twenties all day
- Winds will be mostly light, with some strong gusts possible in the evening
For outdoor activities, the day looks to be perfect. Not too hot, not too cold, almost no chance of rain, and a gentle breeze throughout the day should provide a pleasant atmosphere for anything you plan to do.
Tonight’s evening Bitcoin market report indicates that Bitcoin was up slightly on the day, while the market was held steady. With volatility largely out of the picture, the bears seem to have the upper hand. Investors will be on the lookout for further developments in the coming days, as the price of Bitcoin continues to climb.