Strong Chinese Yuan equals Bitcoin parabolic rally; Here’s why

From finbold.com

Although Bitcoin (BTC) has slightly corrected its recent gains, which saw it get closer to the $66,000 barrier, its breakout above $60,000 was no small feat, and the flagship decentralized finance (DeFi) asset might initiate a parabolic rally phase, thanks to its correlation with the Chinese Yuan (CNY). Specifically, Bitcoin has been building a strong bullish move since the August 5 bottom, and the reason might be the USDCNY pair reaching its top by forming lower highs and beginning to decline aggressively, according to the observations shared by markets analyst TradingShot in a TradingView post on September 30. As ... (full story)