Bitcoin continues to be under pressure, can it hold the 9000 mark within days?
Industry information
Industry information
The halving event of Bitcoin every four years has been incorporated into the Bitcoin code. After the halving, the mining reward is cut in half, thereby reducing the daily supply of Bitcoin mined to control inflation.
“While assessing the real price of bitcoin is a daunting task for some, the mining industry or usage of the network is a fact that retail investors will continue to add to the number of bitcoins,” the report said.
Market review
The price of Bitcoin went down yesterday morning and touched the position of 8942, then rebounded and reached the highest position of 9150. After that, the price remained at the first line of 9100 and fluctuated. The current price is running around the position of 9070.
market analysis
market analysis
Looking at the daily chart, the price went down and broke the support position of the lower track. Fortunately, it did not go further. The current market remains near the lower track position, and the rebound is not bad compared with the sharp drop in the evening. At present, the market has returned to the original low point shock range, the 5-day moving average and the 10-day moving average are slowly descending to suppress the trend, and the Bollinger Bands open downward. The bulls failed to attack again, and will focus on the support position of 9000 in the follow-up. Once the price falls below, there is a possibility of further downward movement, and the lower support will be around the position of 8800. The selling pressure above is still heavy, and July believes that the price is expected to test the 9000 position downward within the day.
Operating strategy (VX: lht159258357):
Near 9150-9250, short stop loss above 9350, look at 8900-9000
Do long near 8900-8800 and stop loss 8700, target 9100-9200
