Matrixport: RMB exchange rate approaches key resistance level, Bitcoin may迎迎新一轮上涨
ChainCatcher news, Matrixport released today's chart stating that after the RMB devaluation in 2015, Bitcoin experienced a sell-off but rebounded strongly by the end of the year, closing the year with gains. We may see a similar scenario replaying now, and this judgment resonates with our bullish view on gold from 18 months ago.Currently, the USD to RMB (USDCNY) exchange rate is expected to break through a key technical resistance level, which is highly similar to our initial assessment of gold being "artificially suppressed and poised for a breakout," potentially indicating that Bitcoin is also about to experience a rapid increase.In addition, the correlation between USDCNY and the US 10-year Treasury yield is also worth noting. Although US Treasury yields have recently declined, a rapid rebound could exert some pressure on Bitcoin's upward momentum in the short term.