Matrixport： The US dollar to Chinese yuan exchange rate is approaching a key technical resistance level, which may indicate a new round of BTC appreciation

Matrixport analysis points out that the US dollar to Chinese yuan (USDCNY) exchange rate is approaching key technical resistance levels, which may indicate that Bitcoin is about to usher in a new round of rapid rise. Analysis suggests that after the depreciation of the Chinese yuan in 2015, Bitcoin experienced a sell-off, but rebounded strongly at the end of the year and closed higher throughout the year. The current market may repeat a similar situation. In addition, this judgment echoes the bullish view on gold 18 months ago, when gold was considered "artificially suppressed and poised for growth". At the same time, Matriexport also mentioned that the correlation between USDCNY and the yield of the US 10-year treasury bond bonds deserves attention. Despite the recent decline in US Treasury yields, a rapid rebound may pose some pressure on Bitcoin's upward movement in the short term.