🟢Bitcoin may gain upward momentum if the USD/CNY exchange rate breaks above 7.31, according to analyst Markus Thielen. He draws parallels to 2015, when a yuan devaluation initially led to a Bitcoin dip, followed by a sharp rally. While the yuan is currently under pressure from multiple forces, breaking this resistance could trigger a stronger dollar and heightened inflation expectations — both potentially bullish for BTC.
🟢Thielen also highlights the correlation between USD/CNY and U.S. 10-year bond yields. A recent yield rebound might temporarily cap Bitcoin’s growth, but if the correlation holds, it could pave the way for a strong crypto rally.