"Bitcoin (BTC) May Rise During Chinese New Year... 83% Chance of Increase"

Minseung Kang

Summary

Matrixport stated that Bitcoin has an 83% chance of rising during the Chinese New Year period.
According to the report, Bitcoin has reached oversold levels, indicating a potential rebound, but remains in the overbought territory on a weekly basis.
The inflow of funds into Bitcoin has slowed, and it remains in a consolidation phase, which may limit further increases.

Bitcoin (BTC) is likely to rise around the upcoming Lunar New Year, according to analysis.

On the 24th, cryptocurrency service provider Matrixport released a research report stating, "Bitcoin has risen 11 out of the last 12 Chinese New Year periods," and "the Chinese New Year starts on the 29th, and a positive price trend could continue for 20 days thereafter."

The report analyzed, "Bitcoin reached oversold levels on a daily basis last week, indicating a potential rebound," but also noted, "it remains in the overbought territory on a weekly basis. Various indicators are conflicting, creating a complex situation." The report added that there is still optimism that U.S. President Donald Trump will pursue crypto-friendly policies.

It continued, "The issuance of stablecoins has stagnated since last month, and the inflow of funds into Bitcoin has slowed," adding, "Bitcoin remains in a consolidation phase (forming a box range)."

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