**2. Literature Review**

The interaction between demand and supply, which determines the price, is critical in economic theory. The theory contrasts the supply side, i.e., the number of coins available in the market, with the demand side, i.e., investors willing to buy. It is the investors or the consumers who are considered the key player. It is assumed that trading in BTC is a reseller market. Reselling to generate profit is the most important in the market. The investors who buy the asset, keep it for a while, and then sell it at a later date are the ones who represent the demand side of this market. BTCs are known for their decentralization as the nodes in the markets are anonymous. Miners are rewarded with BTCs instead of their service for making available the computing power. The miners manage the supply side of BTC, and hence they can be terms as the suppliers as per the whitepaper and the blueprint for BTC, the total supply of BTC will be restricted to 21 million. It is ensured that the mining is gradual and not with large influxes.

In addition, Antoniou et al. [10] describe technical analysis as "part of how traders learn about fundamentals." The technical analysis predicts future market behavior by studying past market data, such as volume and price. It is based on the premise that historical data can assist in giving future directions. Similarly, Wang and Vergne [5] found a positive correlation between the volume of BTC trading and returns generated. The stated study results concur, proving that technical analysis affects BTC prices.
