The Chinese holiday has been over since February but until now bitcoin and others cryptocurrencies has not recovered. We might need to get to July before seeing fully recovering. I have been following this market since 2016 and as a traders I have find out that this is how this market has been behaving and we just has to understand that this is a bearish market time and bull will resume soonest.
We have seen how bitcoin climb again up in the market. We have witnessed the rise of bitcoin in such a short time or just few day.
But now we are seeing again bitcoin to fall in massive way in just a short time. I dont know what is the reason now as many people are jumping again in bitcoin.
I hope sooner or later the wall on the bitcoin price hike will be gone.
What about the Yuan losing value? That might have something to do with it these days too. The Chinese are pretty fast to get their money out when their government starts devaluing their currency.
But now it's starting to fall again, and really quickly. I don't know what's causing it, but it dropped quite fast in the last hour or so. Maybe they're cashing out to buy cars?
The new year in China is always a good time to buy things. That might have been a stimulus for bitcoin as they sent their money to relatives overseas as well.
