Huobi Bi-Weekly Bitcoin Market Report Part 2/2（Feb.2023）
Bitcoin’s price has entered a consolidated phase in late Jan and early Feb. Multiple indicators suggest that this has been a distribution phase.
- Rejection from the 200 Weeks MA
- SSR flashed in red twice suggesting weak stablecoin purchasing power
- CVD divergence
- Rising treasury yields and strong DXY weaken risk appetite
- Inverted RRP indicator turning downwards
- We expect Bitcoin to retrace back to lower prices to find support.
For the full version of the report, please view and download it from this link here.
About Huobi Research Institute:
Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of the blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content includes industry trends, technology paths, application innovations in the blockchain field, Model exploration, etc. Based on the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with governments, enterprises, universities and other institutions through various forms to build a research platform covering the complete industrial chain of the blockchain. Industry professionals provide a solid theoretical basis and trend judgments to promote the healthy and sustainable development of the entire blockchain industry.
