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.