XEX Watch Report: Market Still Has Some Doubts and Resistance to Bitcoin's Rise
Tether and Circle have issued more than $2.5 billion in cryptocurrency in the past week, a move that could inject more liquidity into the market. If this currency issuance momentum continues, it means that more money could flow into the market, which could potentially give an upward push to the bitcoin price.
Bitcoin's price has hovered between $58,000 and $62,000 since it recovered from its low of $55,000 on Aug. 9, suggesting that there is a bit of a long-short game going on in the market at this stage. On the one hand, the failure of the price to break through the upper limit may indicate that the market still has some doubts and resistance to the rise of bitcoin; on the other hand, the price has not fallen below the lower limit, which suggests that there is some support in the current price range.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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