OKEX analysis: BTC fell below the key cost line, causing panic selling

According to the OKEX quarterly contract data, BTC saw a heavy volume drop at 7:00 am Beijing time today. During this period, the transaction reached 631,167 contracts, and the volume of transactions subsequently expanded further. OKEX analysts believe that this is mainly due to the fact that the price of the currency has fallen below the 15-day average cost line that has played a key supporting role in the near future, resulting in a short-term panic selling in the market. Day support is concerned with $7,585 and resistance is at $8,250.