price history explained
Price is determined in the free market. Whether any one person believes a bitcoin, ounce of gold, or barrel of oil has value is determined by the collective action of trillions of individual wants and needs around the world. On the other side of the equation, supply available to the market is absolutely a factor of price as well. The above charts track the price history of bitcoins in US$, and break that down across various, important moving average factors. The first chart displays long-run moving averages: the 50-week, 100-week, 200-week, and 300-week moving averages of the price per bitcoin commanded in the market. The second chart covers important short-run moving averages, which are the 50-day and 200-day figures, including whether it indicates the price has recently passed a golden cross or death cross scenario. Finally, the last chart shows, of all daily observations, the percentile bands, and in which percentile the bitcoin price sits today.