Chinese Rate Cuts Lift BTC Higher...but this is Resistance now
Bitcoin at resistance..the major one and probably needs to go lower first to gather Buyers and support.
News:
China cuts key rates, steps up monetary stimulus to boost economy:
SHANGHAI, Jan 20 (Reuters) - China lowered mortgage lending benchmark rates on Thursday as monetary authorities step up efforts to prop up the slowing economy, after data earlier in the week pointed to a darkening outlook for the country's troubled property sector.
The cut to the one-year and five-year loan prime rates (LPR) followed surprise cuts by China's central bank on Monday to its short- and medium-term lending rates, and came days after the central bank's vice governor flagged more moves ahead.
With the property sector's downturn seen persisting into 2022 and the fast-spreading Omicron variant dampening consumer activity, many analysts say those easing measures will be necessary, even as other major economies, including the United States, appear set to tighten monetary policy this year.
December economic data showed further weakening in consumption and the property sector, both major growth drivers.
China don't like Bitcoin but Bitcoin loves China.
One Love,
the FXPROFESSOR
News:
China cuts key rates, steps up monetary stimulus to boost economy:
SHANGHAI, Jan 20 (Reuters) - China lowered mortgage lending benchmark rates on Thursday as monetary authorities step up efforts to prop up the slowing economy, after data earlier in the week pointed to a darkening outlook for the country's troubled property sector.
The cut to the one-year and five-year loan prime rates (LPR) followed surprise cuts by China's central bank on Monday to its short- and medium-term lending rates, and came days after the central bank's vice governor flagged more moves ahead.
With the property sector's downturn seen persisting into 2022 and the fast-spreading Omicron variant dampening consumer activity, many analysts say those easing measures will be necessary, even as other major economies, including the United States, appear set to tighten monetary policy this year.
December economic data showed further weakening in consumption and the property sector, both major growth drivers.
China don't like Bitcoin but Bitcoin loves China.
One Love,
the FXPROFESSOR
✨🦄 💎🚀 CRGPT Token : Join the Crypto AI Revolution 🌟 www.cryptogpt.io/
🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
