XEX Observation Report: The market still has certain doubts and resistance to the rise of Bitcoin

Odaily News Tether and Circle issued more than $2.5 billion in currency in the past week, a move that could inject more liquidity into the market. If this momentum of currency issuance continues, it means that more funds may flow into the market, which may have an upward push on the price of Bitcoin. Since Bitcoin rebounded from a low of $55,000 on August 9, the price has hovered between $58,000 and $62,000, which shows that there is a certain amount of long-short game 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 certain doubts and resistance to the rise of Bitcoin; on the other hand, the price has not fallen below the lower limit, indicating that there is a certain support force in the current price range.