Big Crypto Update: BTC Is Following Chinese Yuan (Also, BSV, XMR, LTC)
Earlier today Bitcoin did go all the way up to $12300 and that was an interesting price level because that is where the latest pullback began. This means that Bitcoin has retested the breakout level and we have also surpassed the long term resisting trendline, at least briefly so we should expect resistance in this area where we are now, around $11700 when Im writing this blog post.
Bitcoin is also following the Chinese Yuan, that is one of the major drivers right now and overnight, the Chinese currency did strengthen against the US dollar and that has now lead to a short term pull back for Bitcoin.
The yuan surpassed the crucial level, how does is it affect the bitcoin course?
my speculation is that the more the yuan weakens, the more rich Chinese people are trying to find better alternatives and those are likely gold and Bitcoin. Obviously it is not a 100% correlation, but it is likely significant. The $7 level is the highest ever for the chinese overseas yuan.
very good guess, think you're right! Thanks!
thanks for sharing these update