Bitcoin Moves

written by OKCoin

Bitcoin Moves

At OKCoin, we’re watching Bitcoin markets around the clock. The observations we capture are shared with our internal teams and premier clients. Starting today, we are introducing a weekly report to share these insights with our broader community of crypto traders and investors. We are calling this weekly publication “Bitcoin Moves” where we’ll share our analysis on price movement and market activity.

Bitcoin markets have been slow over the past week, as volatility returned to record lows. Here’s your weekly market snapshot: 

Bitcoin price movements 06.29 – 07.07

  • Current Bitcoin price: USD $9273 (live at
  • 24hr high: USD $9380
  • 24hr low: USD $9220
  • 24hr change: +1.7%
  • 24 BTC volume sits around USD $15 million
  • 30 day high / low: USD $9,938 / $8,975
  • 90 day high / low: USD $10,199 / $6,555
  • BTC remained relatively flat over the last week, up about 2% since June 29th 
  • Over the July 4th weekend, the price fluctuated from about USD $9,080 on Friday, July 3rd to about USD $9,311 on Monday, July 6th, a ~2.5% increase
  • BTC’s 10 day realized volatility is at 20%, lowest level since November 2018

Buy Bitcoin on OKCoin — create your account now. For more, check out our What is Bitcoin article.

Bitcoin in the news

Bloomberg is Bullish

On July 2nd, the usually bearish Bloomberg put out a bullish report for Bitcoin, citing favorable factors including “primary demand and adoption indicators:”

  • Notably on-chain addresses
  • Investor flows 
  • Futures open interest 
  • Availability of supply 

The report also noted that “unparalleled global central-bank easing and rising gold values are enduring trends favoring a higher Bitcoin price.” Read the report.

SPX & BTC Converge at Low Volatility 

There’s been a compression of BTC 30 day realized volatility to levels that are very close to that of the S&P, which on July 5th, appeared to have fallen to a spread of less than 1%. The last time we saw the SPX and BTC 1M realized volatility spread this low was just prior to March 12th when the price of Bitcoin fell dramatically (green square in chart below). But at that time, the volatility environment was much different with the SPX realized volatility climbing to meet BTC’s 1M realized volatility levels of ~63%.

It’s interesting to see 1M realized volatility cross with 1M correlations at one year highs. OKCoin’s head of capital markets, Matt Ficke, told Coindesk that “the market is ‘testing or debating whether or not bitcoin can decouple from equity performance in this macro environment.’”

Watch the stock market for future correlation to see if BTC remains correlated or returns to lower correlation levels. 

Record High for BTC Hash Rate 7 Day Average

The Bitcoin hash rate hit 123.4 EH/s for the first time, meaning that more Bitcoin miners have contributed computing power to the network. Cointelegraph notes that “a higher average suggests that miners have more faith in profitability, and their activity in turn strengthens the network.” Read more.

And Other News… Bitcoin supporters for President?

Kanye West announced his bid for the presidency on the morning of July 4th. Kanye, who happens to have an album coming out soon, has been a vocal supporter of BTC making him a trending topic over the weekend, but as expected, had no effect on Bitcoin value. Read the article. In another twist of national marketing, Brock Pierce then announced his own intentions to run for President. Read more.

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