Bitcoin halving is approaching, and the price of OKCoin is fluctuating greatly

Introduction: According to the transaction data of OKCoin, a domestic Bitcoin trading platform, on June 4, the price of Bitcoin rose by about 300 yuan, stabilizing in one fell swoop, avoiding a situation similar to the four-day decline at the end of June. According to the OKCoin daily chart (source OKcoin), the 7-day moving average is still above the 30-day moving average, indicating that the market ...

According to trading data from OKCoin, a domestic bitcoin trading platform, the price of bitcoin rose by about 300 yuan on June 4, stabilizing the price in one fell swoop, avoiding a situation similar to the four consecutive days of decline at the end of June.

According to the OKCoin daily chart (source OKCoin), the 7-day moving average is still above the 30-day moving average, indicating that the bottom support level of the market is constantly rising. The price of Bitcoin broke through 5,100 yuan in mid-June and then fell, and then rebounded. This is the third rebound. It should be noted that the number 3 is more important in the investment market, because no matter whether it breaks up or down, after experiencing 3 times, the market will show disgust. The stochastic indicator is close to the overbought area, and the strength index rises after bottoming out, indicating that the buying power has increased in the short term. The distance between the two moving averages continues to expand, maintaining the bull market trend, which generally echoes the rebound market.

According to the OKCoin weekly chart (source OKCoin), the 7-day moving average is still above the 30-day moving average, and the distance between the two is constantly expanding, indicating that the lowest support level is constantly increasing. After the market price broke through 5,000 yuan, it broke through the head side and quickly fell. Then it rebounded and recovered a lot of lost ground. After the positive divergence of the strength and weakness indicators, it has closed positive lines for two consecutive weeks and has been slowly moving upward, indicating that the market buying power is strong. The stochastic indicator fell from the overbought area and has shown signs of turning back. MACD is still above the zero axis. Therefore, it is likely to rebound to the top of the recent big negative line.

Market dynamics 1. The Blockchain Global Summit will be held in Shanghai. After the Blockchain Global Summit was held in Shanghai in October last year, the government, banks and other financial institutions began to pay attention to blockchain technology and issued a large number of announcements related to blockchain. This year, relevant laws clearly stated that Bitcoin is a property protected by law. At this time, the Blockchain Global Summit will be held in Shanghai with a good legal environment, laying the foundation for blockchain technology to make major breakthroughs in the financial and technological fields in the future. 2. Citibank's research report believes that Bitcoin is an opportunity rather than a challenge, which subverts the previous hostility of banks to Bitcoin. The report believes that "in countries without good payment infrastructure, open decentralized networks like Bitcoin can find some development opportunities." Financial institutions are based on credibility. If financial giants invest funds to study blockchain technology and have applications, it will greatly promote the entry of potential investors and have a very large role in promoting Bitcoin prices in the long run. 3. Hackers attacked the SWIFT network of Ukrainian banks and stole hundreds of millions of dollars. The R3 Blockchain Bank Alliance is studying a blockchain-based network that is expected to solve similar incidents. If the R3 project is implemented, many financial opportunities in the world will accelerate the layout of blockchain links, blockchain technology will set off a higher wave, and the price of Bitcoin is likely to reach a new high again.