When it comes to Bitcoin, one of the first questions people usually ask is:
Where will the price go next?
However, understanding the Bitcoin market should not be limited to price movements alone.
The Bitcoin market is influenced by many different factors, and the importance of each factor can change from one market cycle to another. Some of the key areas to watch include ETF flows, exchange balances, long-term holder behavior, miner activity, derivatives positioning, liquidity, network activity, and macroeconomic conditions.
It is also important to understand the reason behind a price movement.
I just might have got you wrong in this because, when I saw the title of your thread and the second statement on how, other aspects to Bitcoin was important, I thought you were going to relate that to the intricacies of Bitcoin in itself other than these external factors that might influence the price of Bitcoin on the charts.
Thats right! All the above youve mentioned do come down to price still!!!
Meanwhile, those are not the relevances when it comes to the intricacies of Bitcoin. I might accept miners activities but, the rest seems a little outside the space.
When it comes to understanding Bitcoin,
Mining activities do come in quite alright,
Understanding what nodes are and functionality,
Bitcoin protocols as to why and how they operate with regards to adoption,
A whole lot of these aspects to the currency and it has got nothing to do with price.
