we find that Bitcoin is unresponsive to both monetary and macroeconomic news.
how do we explain what happened when Covid-19 was declared a pandemic? At that point Bitcoin was mainly affected by this news, its is also applies when the Federal Reserve started to raise interest rates several weeks ago.
bitcoin didnt change due to covid ot the inflation news
lets take the new year change which you want to think is inflation
if you look at the months from about april-2022 december 2022
and view it as a year chart
you will see instead of normal "freemarket" movements of "volatility" like:
\/\ /\ /\
\/ \ /
\/
it instead went flat line for 1-8 week periods
\/\ /\
\/ \__
\__
\___/
this is becasue of "futures trading"
whales were making BETS on futures markets for bitcoin that it will not go above X for that period. where by whales also ran some day-trade spot market bots to arbitrage the market pairs to cycle round to keep hitting at all the buy orders to stop the buy from pushing the price up
they then shifted their bets
by the end of december they stopped trying to keep it below $17k and let the markets do a bit of "freemarket" to allow the price to rise a bit and put in another resistance in at $21.5k and then $23k
as for the 2021 ATH. well that normal pattern of halving+1year
where
2012halving=2013 mining reaction and cost rise effect
2016halving=2017 mining reaction and cost rise effect
2020halving=2021 mining reaction and cost rise effect
when it comes to mining at the most efficient rate.. they do not respond to daily whims they pre-purchase hardware with 2 year life cycle and buy electric at the MW
amounts to cover 6-24 months supply. so they mone constantly no matter the situation
and so they only do their accounts, costings every ~12 months. which is why a year after the halving the most efficient miners are then costing up that previous years cost per coin to sell the min sell price for that years coin.
thus pushing up the price a year later
its this that sparks off the hype that results into a ATH
have a nice day