According to ChainCatcher news, citing Jinshi Data, an article in the Economic Daily states that recently, the price of Bitcoin has continued to rise, once reaching $99,000 per coin, setting a new historical record. Yu Jianing, co-chairman of the Blockchain Special Committee of the China Communication Industry Association and honorary chairman of the Hong Kong Blockchain Association, stated that in the short term, Bitcoin may seek new support or resistance levels amid volatility, while in the medium to long term, its price direction will depend on multiple factors such as global liquidity, economic outlook, and regulatory attitudes.
Yu Jianing analyzed that due to the relatively dispersed nature of cryptocurrency funds, the market is easily influenced by large amounts of capital, leading to 'dumping' or 'pumping' actions, which in turn trigger irrational behavior among retail investors.
Overall, as the popularity of Bitcoin and the cryptocurrency market increases, new risks and uncertainties also rise. Investors should respond to the current market with a rational and prudent attitude, closely monitor regulatory dynamics and market changes, and avoid blindly following trends, warns Zhao Wei, a senior researcher at the OKX Research Institute.
