PANews reported on April 8 that Matrixport analysis pointed out that the USDCNY exchange rate is approaching a key technical resistance level, which may indicate that Bitcoin is about to usher in a new round of rapid growth. The analysis mentioned that after the devaluation of the RMB in 2015, Bitcoin was once sold off, but it rebounded strongly at the end of the year and closed higher for the whole 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 ready to go."

At the same time, Matrixport also mentioned that the correlation between USDCNY and the US 10-year Treasury yield is worthy of attention. Although the US Treasury yield has declined recently, if there is a rapid rebound, it may put some pressure on Bitcoin's upward momentum in the short term.