Matrixport: RMB exchange rate approaches key resistance level, Bitcoin may usher in a new round of rise

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ODAILY
04-08
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Planet News: Matrixport released a chart today stating that in 2015, after RMB depreciation, Bitcoin experienced a sell-off but strongly rebounded by the end of the year, closing with an annual gain. Currently, we might witness a similar scenario, which echoes our bullish view on gold from 18 months ago. At present, the USD to RMB (USDCNY) exchange rate is expected to break through a key technical resistance level, which is highly similar to our previous assessment of gold being "artificially suppressed and poised for a breakthrough", potentially signaling an imminent rapid rise in Bitcoin. Additionally, the correlation between USDCNY and the US 10-year Treasury bond yield is worth noting. Although the US bond yield has recently declined, a rapid rebound could potentially create short-term pressure on Bitcoin's upward momentum.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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