Bitcoin is a native coin of the bitcoin blokchcain network. It is a proof of work coin. As a proof of work coin,it is released to the bitcoin blokchain through mining process using using internet and electricity power consumption. The miners who share their computing power are the one who will be rewarded by the new bitcoin being released to the bitcoin network for sharing their computing power which is used to validate the bitcoin transactions as well as to secure the bitcoin network . Bitcoin is as well used to pay for the gas fee on the bitcoin network in order for the transaction to be initiated from one bitcoin address to another. This gas fee is as well being shared to miners who initiated this transaction. It is as well being used for other utility functions for exchange of goods as well as to pay for services being offered online .
On Monday the 21st of August, one bitcoin started trading at around $26,253. By Tuesday the same week, the price had dropped to as low as $25,350 followed by a slightly rise to around $26,165 on Wednesday the same week. On Wednesday the same day, the price dropped to around $25,815 followed by a rise to around $26,809 on Thursday the same week. On Thursday the same day,the pice again dropped to around $26,222 but later rises to around $26,539 on the same day. It later dropped to around $26,336 on the same day. This is shown as from the candlesticks chart below;
The above candlesticks chart is showing the market for bitcoin for the whole of this week. As you can see,the price started trading at around $26,253 on Monday August of 21st. By Tuesday the same week, the price can be seen to have experienced a drop of $903. This drop is as a result of an overbought condition market at $26,253. At $25,350, the sellers are exceeding the buyers thus causing the market to gain support over there and moves all the way upward to $26,165 which is an increase of $815. This increased of price has taken place on Wednesday of the same week. At $26,165, the market is resisting to continue an upward movement due to an overbought condition over there where it reversed and moves downward all the way to $25,815 on the same day which is a decrease of $350. The number of sellers are increasing at $25,815 in the hope that the market will continue moving downwards. Because of this, the sellers are exceeding the buyers at $25,815 thus causing the market to again gain support over there and sharply to move upwards all the way to $26,809, a price increase of $994. Over there, more buyers are using their USDT to purchase more bitcoin hoping to see the market continuing an uptrend. This again causes the market to resist to continue moving upwards but instead reversed and moves downward to $26,222 on the same day. The price slightly rises to around $26,539 on the same day but later dropped to around $26,333. Currently, the price can be seen to have started an uptrend. If sellers will continue selling their previously bought bitcoin,then we should expect to see an uptrend continuing due to an oversold condition while if more buyers will continue buying bitcoin in the hope of an increase in price,then we should expect to see the market to continue moving downwards.
