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After setting a new high for the year, what is the motivation for Bitcoin to continue to rise?



Recently, with the popularity of concepts such as DeFi, the encryption market has shown an overall upward trend. The price of Bitcoin also rose again, breaking through the key integer mark of $12,000, setting a new high for the year. Looking at the development trend of the whole month, the overall trend of Bitcoin is rising, but it continues to adjust above $11,000 and shows a state of hesitation.

If calculated from the low point after the crash in March, the price of Bitcoin has soared nearly three times. From a strong rise to a continuous hovering at $12,000, has this round of rise reached its peak?

The S&P 500 index set a new record high, now up 0.35%: The S&P 500 index recovered all the losses since the outbreak, broke through the February high, and hit a record high again. [2020/8/18]

Bitcoin's rise above $11,000 could put it at the start of a "bull market," according to cryptocurrency analyst Willy Woo. He said he was "very confident" about the main phase of the bull market. WillyWoo analyzed various on-chain data points, including Bitcoin's mempool and relative strength index (RSI), to assess market cycles. Specifically, the on-chain RSI suggests that a major bull market may have started in the fourth quarter, according to Woo.

The increase of spot gold expanded to 1.06%, setting a new record high: according to the market, the increase of spot gold expanded to 1.06%, the highest reported at 1921.18 US dollars per ounce, continuing to set a record high. After 9 years and 3247 days, the spot gold price once again stood at a historical high. Some traders’ quotations have exceeded the historical high price on September 6, 2011. It is now quoted at US$1,920.36 per ounce, which is US$470 higher than the low point of the year. A year-on-year increase of 32%. [2020/7/27]

Dynamics | The USDT OTC price once again set a new low since August last year, and the current premium rate is -0.89%. According to data monitoring, the rise of the U.S. dollar index has been suspended, and the onshore RMB closed at 6.9311, an appreciation of 109 points. The lowest quotation of USDT in Huobi’s OTC trading continued to fall, and is now reported at 6.87, a new low since August 1, 2019. Onshore RMB is now quoted at 6.9316, and the USDT premium rate is -0.89%. [2020/1/9]

Analyst K Shen pointed out from a technical analysis: BTC has fallen all the way since it hit a high of 12,500 US dollars in the previous period, and the lowest fell to around 11,380 US dollars on the 30-day moving average. The position of the neckline of the big double bottom, this area has not been effectively broken, and it is quickly recovered after touching. The role of trend support is strong. The overall trend is a healthy trend of breaking through and stepping back, and the callback volume in the past few days can be significantly reduced. Short The momentum of downward killing has decayed. It is unlikely that this position will continue to fall, and the probability of stopping the decline and stabilizing is high. As long as the weekly line does not break the support of 11,400 US dollars, the reversal of the bullish trend cannot be judged. At present, the daily indicator line is still in a dead cross posture, and it will take a period of time to sort out the range. The current position is likely to belong to the shock stage of the previous 9,000-10,000 USD range, and it is expected to continue to be in the 11,500-12,000 range in the near future. The market is expected to continue to break upwards, ushering in a new wave of trending market.

It is worth mentioning that cryptocurrency trader Josh Rager previously stated on Twitter that no matter which direction the price of Bitcoin goes from its current position, it will be a win-win situation for holders and traders. In his view, there are obvious reasons for the price of the currency to rise, and the collapse of the price will allow traders to buy the falling bitcoin and accumulate more bitcoin before it breaks through $10,000 in the future.

In addition, the market generally believes that the popularity of DeFi is the cause of this round of market rise. Ethereum’s move lifted the entire market and even pushed Bitcoin higher.

Although DeFi is still spreading and overseas communities are still hot, many new projects in the current DeFi market have embarked on the wrong path of previous ICOs: there is no substantial innovation, and new projects are created by copying and pasting open source codes of popular projects to attract users. . Under the temptation of extremely high yields, many users have forgotten the high risks behind DeFi projects. Once contract security risks, platform risks, etc. appear, it will cause a great blow to market confidence.

As the DeFi fever continues to ferment, whether the upward momentum can continue remains to be seen. To this. The Cointelegraph analysis article stated that it remains to be seen whether Ethereum 2.0, the profit-taking of altcoins, and the growth of DeFi can push the price of Ethereum to a higher resistance zone. For now, the sentiment around altcoins remains generally positive in the medium term.


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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.

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