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After hitting a high price of 95,000 yuan in the year, it will collapse 24% in a single day. How is the bitcoin market going?

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Since the 4th of June, the price of bitcoin has shrunk by 24% in a single day. From the highest point of $13,796.49 (about RMB 95,000) to $10,491.85, the shorts and longs seem to have been at $11,000 and $12,000. Saw the saw.
However, on July 1, the empty side took the lead in ending the saw. The price of bitcoin fell back to less than $11,000 and reported to $10,965.34. The 24-hour drop was still high, reaching 9.34%. In addition, $11,000 seems to be a new pressure line between long and short, and there is a big divergence in the industry’s follow-up trend to Bitcoin.
Bitcoin price trend on the 7th
The General Research Institute believes that the adjustment in the bull market is inevitable. Although the short-term profit is exhausted, the bitcoin price has fallen sharply, but the basic judgment of the bull market has remained unchanged. At the same time, the impact of negative factors is relatively limited, and short-term risk release is conducive to the further development of long-term market.
Unlike the ups and downs of the traditional stock market, the short-term plunge in the bullish market does not affect the continued development of the market. According to the statistics of the General Research Institute, if the 10% rise and fall limit of the stock market is used as a measure of the “surge and plunging”, in the past 6 years, the bitcoin has risen and fallen by more than 10% in a single day. Once, on average, it will appear once every half month. Among them, there were 81 times in which the daily increase exceeded 10%, and 69 times in the daily decline of more than 10%.
The plunge after the skyrocketing also appeared on May 31. After the price of bitcoin broke through a stage high of $9000 in the early hours of the day, it quickly fell back after 15 minutes and fell more than $700. “For investors, the early adjustment of the bull market is a good opportunity for jiacang,” the General Research Institute proposed.
Another view is that Bitcoin is not suitable for position-level operations at this price point. Industry insiders believe that bitcoin prices will continue to adjust above $10,000, but in terms of volume, the bulls are still cautious. If they fall below the support level of $10,500, they will continue to fall below $10,000. .
In addition, the currency grandfather believes that the rise in bitcoin prices in recent months is a process in which retail investors’ chips are gradually concentrated in the hands of institutions. After a big callback, the chips in the hands of retail investors have recovered, but the cost of holding positions has become higher. Regarding future market trends, the above-mentioned people believe that on the one hand, it depends on when the funds that sell chips are profitable, and when they end up waiting to collect chips again, on the other hand, it depends on whether the extra-currency funds continue to enter the market.
From the perspective of production, as the days of halving bitcoin production in May 2020 are getting closer, the difficulty of mining is also growing. According to the bitcoin blockchain browser BTC.COM data, the current bitcoin computing power and mining difficulty are in the ascending stage. Bitcoin’s mining difficulty this week is 7.93T, which has reached the highest difficulty since the birth of Bitcoin. However, it is predicted that the difficulty will rise again by 9.50% after 8 days, to an unprecedented 8.69T.
In fact, since December 18, 2018, the difficulty of bitcoin mining has been in a state of general trend. Especially from April 21, 2019, the mining difficulty is connected to three steps from 6.35T, one route is 6.70T on May 4, 7.46T on May 31, and 7.93T on June 27. The 1.58T difficulty that has risen since the month has even exceeded the sum from the end of 2018 to April 2019.
As of press time, the total market value of Bitcoin reached 194.8 billion US dollars, accounting for 61.4% of the total market value of digital currency. Within 30 days, the lowest price of Bitcoin was $756.49, and the highest price was $13,796.49, an increase of over 80%.

Tags : BitcoinBull marketFlash collapse