Fixed issuance, shifting demand, order book depth, interest rates, leverage and narrative all push on the Bitcoin price at once. Here is what each force actually does, described qualitatively rather than predicted.
Every 210,000 blocks the mining reward halves. Here is how that schedule builds Bitcoin’s 21 million cap, why miners feel it first, and why the familiar price story deserves more scepticism.
Higher highs, lower lows, ranges and chop. A calm guide to what Bitcoin market structure actually describes, how to read it across timeframes, and why it explains the past rather than forecasting the future.
