Bitcoin financial environment, whether it can break through the 10,000 barrier in the late stage
The Morgan Creek founder said on a YouTube show that Coinbase's former chief legal officer recently entered the U.S. Office of the Comptroller of the Currency as acting administrator, enabling banks to gain regulatory approval for custody of cryptocurrencies. He noted that Brooks did not introduce any regulatory changes other than to provide clarity for banking custody of cryptocurrencies. He thinks banks will build custody services and will acquire cryptocurrency companies. In the future, cryptocurrency companies may also try to develop software that can be sold to banks. He also believes that every currency will be digitized, such as digital dollars, digital yen, digital euros, Bitcoin, Libra, etc. The competition will not be at the level of technology, but at the level of monetary policy. Bitcoin has a superior monetary policy and will be the global reserve currency.
Affected by the continuous turbulence of the global financial environment, this year's bitcoin market trend has exceeded everyone's expectations. In early March, Bitcoin was first affected by the "Super Black Swan Event" in the global financial market, and it plummeted to $3,200 within a few hours; Since entering June, it has remained stable around $9,000, falling into a long-term sideways market that has not been seen in many years.
In the daily chart, the opening of the Bollinger Bands is upward, the currency price has stood on the upper track of the Bollinger Bands, and the moving averages are also showing an upward trend. At present, the upper resistance level is first at 9700, followed by 9850; the lower support is first at around the MA5 daily moving average at 9400, followed by the MA60 daily moving average at around 9350; from the attached indicators, both MACD lines are above the zero axis, and the currency price is showing a strengthening trend The RSI and 22 stochastic index are both above the 50 level, and the bulls are strong, but at present, the upper part is obviously under pressure and flattened, and the upward posture has been changed. Therefore, the author believes that the currency price will generally go up today, but it is difficult to appear the previous two days. The market has gone straight to the sky, and there is a high probability that it will maintain a high and volatile upward pattern.
From a rational point of view, although the current currency price is not high, given the current still complicated financial situation and the limited deflationary nature of this output halving compared to the previous two output halvings; we have reason to believe that this time An upside test is more likely than a bull market precursor. Whether Bitcoin can break through $10,000 and form an effective support will be the key to determining the next currency price trend.
