When will Bitcoin fall by 1 yuan

08/07/2023 03:12 • Tech Trends • 85 views

When did Bitcoin fall by 1 yuan? According to Bitcoin, when did Bitcoin fall by 1 yuan Bitcoin prices have been rising since June 10th, reaching a low of $8150 today. As of the time of publication, Bitcoin has fallen by over 80% and there has been no correction in the short term. It was not until around 9am this morning that Bitcoin once again broke through the $10000 mark (currently 9600). According to media reports, the price of Bitcoin is a significant adjustment after the third significant fluctuation of over $10000 since November 2017. The reason for the sharp rise of Bitcoin is that the U.S. Securities and Exchange Commission investigated Bitcoin futures and options; In recent weeks, with the participation of more and more mainstream institutions and the strengthening of supervision by regulators, the overall situation of the Cryptocurrency market seems to be changing: the selling pressure of Bitcoin is increasing; At the same time, Coinbase, the world’s largest exchange, has also experienced a large number of clearing events, with several major trading platforms including Binance, OKEx, and HuoCoin announcing the cessation of providing services to customers and suspending all related business activities

Analysis of Bitcoin’s Trend

First, we can take a look at the trend chart of BTC:

After being repeatedly supported in the 5-minute chart, Bitcoin enters an upward channel, then forms a top range, and then the downward trend is alleviated until a rebound market reopens.

. At the same time, at the 4-hour level, the Bollinger Bands is in a closed state, and the lower K line is in a multi headed arrangement. During the 1H cycle, the orbit runs around 10050, and the lower edge of the turning point of the MA30 moving average is located above 9800. If this triangular shape can be successfully broken, it will continue to dip in the short term; The second target bit is between 9300 and 9400. Next is the position of 9000. Of course, these two positions are also key points to pay attention to, as previously mentioned, Bitcoin prices have a certain resistance effect on both the upper and lower edges of the 7000 7500 range. So there are two situations worth noting here: 1. In the first case, when market sentiment is high, there will be a large number of selling orders generated, which often leads to profits and losses for investors; 2. Another type of situation can occur, for example, during a bull market, many retail investors will put their chips inside to cash out or short in extreme markets When will Bitcoin fall? When is the probability of a collapse greater than 90%, and who will determine whether its future price will experience a correction According to Forbes data, the total global digital currency transactions in the first half of 2020 were approximately $45.8 trillion (2017.7~2019. 8), a year-on-year decrease of 15.2%; During the same period, gold, silver, and yen fell by 14.8%, 11.5%, 34.5%, 10.89%, 50.1%, and 11.4%, respectively. Since September last year, the total market value of global Cryptocurrency assets has continued to rise, exceeding 500 billion yuan by the end of October. (Sina Finance)

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When will Bitcoin fall by 1 yuan

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