Bitcoin (BTC) could be preparing for a short-term rally according to GTI data

Bitcoin (BTC) could be preparing for a short-term rally according to GTI data
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According to Bloomberg, the “Global Technical Indicator” (GTI) for Bitcoin is close to oversold levels, reaching 35.6. That is the lowest level we have seen since December. Bitcoin seems to be stabilizing at around $ 3,500, with a clear support of $ 3,000 to $ 3,100.

Bitcoin has been one of the best investments for crypto investors in the past 5 years and up until now people are still using it to make lot of money in different ways all across the globe. With Bitcoin’s rising price, it is important to understand and be able to predict how the market works before investing, of course keeping in mind that there are various risks involved with all investments.

Why Bitcoin’s Price Keeps Changing

Like many other cryptocurrencies, the price of Bitcoin keeps on changing daily. The only difference is that the price of Bitcoin changes on a much greater scale compared to the remaining Altcoins. The value of Bitcoin or any other crypto coin depends on how valuable the market thinks it is.

Whenever the market sells Bitcoin for lower prices compared to the current value, the price drops. This could mean that, there is bad news about Bitcoin and people are quickly selling it at a cheaper price.

On the contrary, whenever the market buys Bitcoin at higher prices compared to the current value, it causes the price to rise. This implies that there are more people buying compared to those selling. Every time the popularity of Bitcoin increases, so does its value. A drop in price is however not such a bad thing, as investors can buy the coin at a lower price.

Bitcoin was first invented by the mysterious Satoshi Nakamoto

Well, when Bitcoin was first invented by the mysterious Satoshi Nakamoto, it was the only crypto in the market. Right now the market is quite large, with other major cryptocurrencies such as Ripple and Ethereum, Bitcoin seems to be struggling to break over the high rise in competition. However, despite all this, the coin has remained at the top rank in the list of cryptocurrencies globally.

With its improved blockchain technology, Bitcoin is expected to keep increasing in price this year and greater stability in Bitcoin’s price will lure investors back on to the platform.

At this time, Bitcoin has a value of $ 3,583, earning 0.23% today. The asset remains at more than 80% below its maximum value in December 2017, when the currency reached more than $ 20,000.

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