Bitcoin is back. At the time of writing this content, the price of BTC is trading at US $ 38,200, after having touched 40K last night. The volatility has returned.
While it is too early to say that we are in a short-term turnaround, hope has returned. To confirm that the bulls have taken control of the situation, BTC must overcome the key resistance of 41.5K.
Apparently the rise is due to a strong liquidation of shorts, as can be seen in the graph below:
Chart with short settlement in Bitcoin futures. Source: Glassnode
Now, surely there must be some other factor behind that has caused the massive liquidation of shorts in the futures market.
While the “fundamentals” that justify the strong rise of Bitcoin appear in just a few minutes, I will tell you about another factor that may be influencing the rise of the leading cryptocurrency: Moon.
Can the price of Bitcoin be predicted with the moon phases?
There are many ingenious explanations of how the price of Bitcoin moves, but surely the lunar phases are at the top. You do not believe me? Look at the graph below.
White dots: Full moon Black dots: New moon Graph of the evolution of Bitcoin in 2021. Source: TradingView
In the graph it can be clearly seen that since the beginning of the year every time there is a full moon the price of Bitcoin tends to rise, at least until it changes to the new moon. Mere coincidence? Each reader can draw their own conclusions.
Last Friday at 23:23 (Argentina time) a full moon began, coinciding exactly with the last bullish rally of Bitcoin.
Personally, I still trust the technical / fundamental analysis when investing in Bitcoin, but that does not mean that you can stick your head out and see the state of the moon …