Blockchain technology is heating up globally, and the price of Bitcoin on OKCoin platform rebounds

The price of Bitcoin rose for three consecutive days due to the news of halving, from 4215.40 to 4709.00 yuan, an increase of 11.71%. After that, it fell and accumulated strength to rise again.

According to the trading data of OKCoin, one of the most authoritative and professional Bitcoin trading platforms in China, the overall price of Bitcoin began to enter an upward trend after 16:00 on June 30.

Photo courtesy of www.okcoin.cn

From the 4-hour price chart of Bitcoin trading platform OKCoin (source OKCoin), we can see that Bitcoin price has fallen rapidly, from moving away from the 7-day moving average to breaking through the 30-day moving average in one breath. Historically, this kind of rapid flash disk is conducive to the release of pressure on the bulls, and the market is likely to pull back to the 30-day moving average in the later period. The stochastic indicator and the relative strength index are moving downward into the oversold zone, and the short side will buy and close positions and turn to the long side in the near future. KDJ shows a positive divergence phenomenon, and it is very likely to pull back in the later period.

Photo courtesy of www.okcoin.cn

From the daily price chart of Bitcoin trading platform OKCoin (source OKCoin), we can see that after three consecutive days of positive lines, the market has fallen, and the 30-day moving average has prevented the market from falling further. As the three MA lines are in a stalemate, the market will enter a sideways consolidation state. The strength index has moved out of the oversold area and developed horizontally, and the stochastic index has slowed down its southward momentum and concentrated on one point, indicating that the market has entered a short-term state of indecision. Since the news of the reduction in Bitcoin production has been digested by the market once, this time as the last few days of impact, the market needs to release pressure and save strength to seek another breakthrough.

Industry News

1. The Russian version of R3 was officially established, actively involved in the new technology wave. According to reports, several Russian banks and financial services companies jointly established a private chain alliance at the International Financial Conference. The Russian Central Bank put aside its previous resistance and took the initiative to get involved in the research of blockchain technology. After the world's major powers adopted an open attitude, Bitcoin became a safe-haven asset and the market's safe-haven funds flowed in.

2. Shahar Fridman, Head of Digitalization and Innovation at Visa Europe, pointed out that Visa Europe is paying close attention to the underlying technology of cryptocurrency protocols and vigorously developing digital payments using blockchain technology. As the world economy continues to develop, more convenient payment methods and more abundant financial services are needed. Traditional payment methods have high operating costs and large risk loopholes. Companies that provide payment services urgently need to transform from traditional payment methods to digital payment methods. After that, more and more companies will pay attention to blockchain technology and increase the recognition of Bitcoin.

3. The Reserve Bank of India said last Friday that in order to reduce the use of paper currency, it will set up a committee as soon as possible to study blockchain technology. India has a clear attitude towards blockchain technology and has always wanted to use new technologies to overtake others. In the future, India will pay more attention to blockchain and Bitcoin.