China’s Bank Actions May Boost Bitcoin: Investors Watch Closely
The Essentials in Brief
Potential liquidity injections by China could have a significant impact on Bitcoin (BTC) and the entire crypto market. Historical patterns suggest that the People’s Bank of China often increases its liquidity supply in August, which could lead to a positive development in crypto prices. These measures, combined with the current consolidation phase after the Bitcoin halving, suggest an upcoming bull market.
China’s Liquidity Strategy and the Crypto Market
The People’s Bank of China has in the past strengthened its economy through liquidity injections at certain times, especially in August. These steps could be directly related to the decisions of the US Federal Reserve, particularly in terms of interest rate cuts expected on September 18. Such a move could increase global liquidity and thus benefit the crypto market.
The Importance of Post-Halving Consolidation
Bitcoin is currently in a typical consolidation phase after the halving, which often precedes a significant bull market. The analysis of BTC address balances on IntoTheBlock shows little movement, suggesting an accumulation phase. This phase is often a harbinger of upcoming market increases, which could be further amplified by the expected liquidity increase.
Technical Indicators and Market Potential
The BTC price chart shows a double bottom below the daily 200 EMA, a pattern that often signals a market increase. This is reinforced by a retest of the lower Gaussian channel band, which coincides with the daily 200 EMA. These strong indicators suggest that BTC, supported by China’s liquidity injections, could soon rise. In addition, a massive weekly candle body across the entire market suggests a strong bullish signal, implying a potential rise in Bitcoin, Ethereum, and altcoins in the coming weeks.
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Our Assessment
Given the historical patterns and current market signals, it seems that China’s upcoming liquidity injections could have a positive effect on Bitcoin and the entire crypto market. The combination of the post-halving consolidation phase and the technical indicators suggest an upcoming bull market. Investors and traders should closely monitor these developments and adjust their strategies accordingly.
Sources
- Bitcoin Magazine PRO
- IntoTheBlock
- TradingView
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