In addition to the corona virus epidemic and the interest of institutional investment companies in Bitcoin in the rise of Bitcoin prices, the automatic decrease in production begins when the supply is halved and the famine begins gradually. The demand is the same but the amount is decreasing. There are important factors in the rise of bitcoin
It was exciting that the positive news in the cryptocurrency markets last week and institutional investors about Bitcoin and other cryptocurrencies started new initiatives and the bitcoin exceeded the $ 61,000 level last weekend, but for some reason, Bitcoin could not hold the level of $ 60,000 and fell to the level of $ 56,517.50.
The factors behind the rise of bitcoin
PANDEMI AND US ELECTIONS Uncertainties in the US election
CORPORATE INVESTOR IMPACT
New big players like PayPal
Financial institutions such as JP Morgan, Citibank and Deutsche Bank
Western financial institutions
The factors in the fall of bitcoin
Whales increase the pressure
Unexpected growth from China
Puell Multiple indicator, news that miners start selling bitcoins in bulk to make a profit
194,541 traders, converting approximately 1.83 billion dollars into cash
Large deposits and stablecoin entries
as a result
The negative developments in the world and the effect of the whales turned their bitcoin into cash, which we call big whales. China fought bitcoin, bitcoin fell below the $ 60,000 level due to these negative news.But bitcoin will make another regulation and will see the level of $ 70,000.