Bitcoin Reflects on Its Price Variation During the Last Five Years

Bitcoin’s official Twitter account shared its performance in the recent five years. As per the tweet, BTC had no change in price as it was trading at $17,428, the same price it traded back on December 13, 2017.

Dec 13, 2017 – $17,428
Dec 13, 2022 – $17,428

What have you done and become over the last five years? pic.twitter.com/M4uWVWNvcY

— Bitcoin (@Bitcoin) December 13, 2022

However, that doesn’t mean that BTC did not have any action during the past five years. As shown the in the tweet above, BTC has been trading under $17,000 since July 2017 up until late 2020. But come 2021, the price of BTC skyrocketed to approximately $60,000. Additionally, there was a second hump, as denoted in the graph, toward the latter part of 2021.

As shown in the monthly chart below, BTC’s price fluctuated with a large bandwidth during the second half of November. It hit a maximum of $17k and tanked to its lowest of $15,647. BTC showed a greater range when in the red zone than the green zone depicting that the fall in price was greater than the rise in price.

BTC/USD 1 Month Trading Chart (Source: CoinMarketCap)

However, since the beginning of December, BTC has been trading in the green zone and has been able to trade above $16,500.

Meanwhile, BTC has been trading in a bullish Regression Channel, as shown in the chart below. As of press time, BTC is trading at $17,791 and is up by 3.65% in the last 24 hours.

On numerous occasions, BTC tested the upper line on the regression channel. Despite breaking the upper limit on a few occasions, it could not retain its position.

BTC/USDT 1-hour Trading Chart (source: TradingView)

Notably, BTC tested the lower line of the regression channel on a couple of occasions; however, it was able to gain some momentum and recover. Much of BTC’s action has been with the middle line where it kept rebounding.

The Bollinger bands are contracting; hence there could be less volatility in the future. Moreover, the Relative Strength Index (RSI) at 68.29, is titling upwards and could hit 70, which is the oversold region.

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