What fundamentals does bitcoin (or any crypto) have? There is no business underlying a coin, which means there's no earnings, no dividends, no management team, or anything else that can be looked at when a person analyzes a stock.
As far as I know, some projects (or upcoming project) wanted to use crypto in their business. Some of them are Airpod, PolicyPal, The 4th Pillar, DiceMoney, Kora, WePower and etc. The holder of their tokens/coin will benefit from profit-sharing (in the future, when their product ready) so I guess you can say there are some coins which are backed by business.
I'd rather call it sentiment analysis when we're talking about how each news is affecting the price of a coin or tokens because sometimes that news I not directly related to that project, but emotionally affect traders feeling on how the crypto economy in general which in turn create a bullish or bearish wave after that.