Academy Trading Ideas Article

Bitcoin Price Consolidates After Major Difficulty Adjustment: Crypto Market Daily

2020.06.17 Robbie Liu

After a 4% pump to start the week, Bitcoin (BTC) has remained stable over the last 24 hours. The market-leading cryptocurrency is consolidating in a tight range between $9,400 and $9,600, per OKEx’s BTC Index Price — though stocks in the United States closed higher than some expected. The S&P 500 Index was up 44.23 points, or 1.44 percent, as retail sales rose a record 18% in May. 

Large-cap cryptocurrencies outperformed Bitcoin, with EOS and Litecoin (LTC) seeing positive returns of 1.17% and 1.4%, respectively. 

The total cryptocurrency market capitalization is up a mere 0.4% and is running around $270 billion. Bitcoin dominance remains unchanged at 64.6% today, per data from CoinGecko.  

crypto prices
OKEx Token Index Board (as of 10:00 UTC). Source: OKEx

Top gainers and losers

  • APM/USDT +57.14%
  • CHAT/USDT +25.75%
  • WGRT/USDT +20.54%
  • BHP/USDT -5.17%
  • XUC/USDT -8.07%
  • FAIR/USDT -10.91%

Smaller-cap altcoins continue to pump over recent days. Today, APM made a huge 57.14% gain. CHAT and WGRT increased by 25.75% and 20.54%, respectively. 

FAIR is the biggest loser over the last 24 hours.

Bitcoin sees greatest difficulty increase since January 2018

The mining difficulty of the Bitcoin network was adjusted at 635040 block height yesterday. It increased by 14.95% to 15.78 T — the largest increase since January 2018. The next adjustment is expected to increase by 14.69% to 15.75T in two weeks, as per data.

After Black Thursday, the mining difficulty of the Bitcoin network plummeted by the second-largest amount ever on March 26 — falling 15.95% to 13.91T.

bitcoin difficulty
History of Bitcoin Network Difficulty Adjustment. Source:

Bitcoin technical analysis

At present, the Bitcoin price’s rebound structure is still intact. A critical support level sits at $9,450. However, it is clear that the price has been facing selling pressure around an early high of $9,650. Buying power appears to have weakened. 

Bitcoin could continue to oscillate in the $9,450 to $9,700 range in the short term if the traditional financial markets have no major movements. 

btc usd
OKEx BTC Quarterly Futures (BTCUSD0925) 1H chart. Source: OKEx

New listing: Kyber Network perpetual swaps

OKEx has listed a Kyber (KNC) Perpetual Swap today for the KNCUSD and KNCUSDT trading pairs. It is trading around $1.20 at press time.  

Kyber, an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves and powers instant and secure token exchanges in decentralized applications, has come into the spotlight over the past few weeks. The price of its native token, KNC, has surged to a recent high of $1.35 from $0.60 in June. 

knc usdt
KNC/USDT Spot Price. 4H chart. Source: OKEx

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary

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