Bitcoin price

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Do you remember economics from your secondary school? The balance between supply and demand determines the price. And that's how it works with bitcoin too. On online exchanges, buyers and sellers find each other, and every second the price moves according to supply and demand.

But what do you have to look out for when following the price? Let's find out, from the easy to the hard way.

You can trade bitcoin 24 hours a day. Bitcoin trading is done all over the world: from America to Asia. This is why the bitcoin price reacts almost instantly to news. Good or bad news can have a significant impact on the price.

Good news is, for example, El Salvador embracing bitcoin as legal tender. Or a large company such as PayPal starting to work with bitcoin. And for bad news, think of the Chinese ban on bitcoin mining, or another government placing restrictions on cryptocurrencies.

It can also help to read price analysis. All financial markets are subject to analysis and bitcoin is no exception. How does it work? Analysts try to get a picture of where the price may go by using patterns, indicators and trend lines.

You can make a price analysis as easy or difficult as you want. But what is important: never consider an analysis as a prediction of the price. Rather, an analysis will tell you which option is the most likely. There is no one with a crystal ball!

The beauty of bitcoin? Everything is public. For example, that time years ago when you bought pizza with bitcoin. Or when your friend bought at the top. All that data is on the bitcoin blockchain. This is a public online ledger of transactions, balances and addresses.

Some analysts research the blockchain to gain valuable insights. For example:

• How many investors hold their coins for more than a year?
• How many bitcoins are sent to exchanges?
• How many whales are there? (Investors with large amounts of BTC)

Sometimes you can use this data from the blockchain to see a price movement coming. For example, are investors sending bitcoins en masse to stock exchanges? If so, this often indicates a decline.

Analysts who have elevated this so-called on-chain analysis to an art form include Willy Woo and Will Clemente. To understand these analyses some technical knowledge about bitcoin is necessary.

Since the bitcoin price is still volatile, we recommend you only invest an amount you can afford to lose. You could potentially earn a lot of money, but you could lose it too. At the same time, we believe an investment in bitcoin is one of the most interesting ones you could do.

Would you like to purchase bitcoin? Make sure to do your own research by reading news articles, technical analyses, and read about the technology behind the coin. And who knows, you just might be the new Andreas Antonopolous.