The focus of many Bitcoin (BTC) investors or traders is often in the short term price performance of the premier digital currency. Many do not know that macroeconomic events and principles also affect the longer term price prospect of the cryptocurrency.
For the past 7 days, the price of Bitcoin has been hovering around a low of $43,861.45, and a high of $47,998.10 with the agenda to break this price range in a bid to retest its previous All-Time High (ATH). The resistance of the price from breaking out from this range can be attributed to the occasional bear action, which always come in the form of profit taking or outright sell-offs amidst a price surge.
In the past 12 months, Bitcoin has recorded a 265.5% growth, and the huge part of this growth was fueled the accumulation of the nascent asset class by institutional investors, with a complementary stack up from retail holders. The current price of Bitcoin at $45,096.10 is about 29.915 below its ATH, and many investors and market o
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