In
other
words,
Chinese
equities
will
likely
react
negatively
in
the
coming
week,
discouraging
macro
investors
from
moving
capital
out
of
cryptocurrencies
and
into
China-linked
equities.
Per
some
analysts,
that’s
precisely
what
happened
in
late
September
and
early
this
month
as
a
slew
of
stimulus
announcements
by
the
People’s
Bank
of
China
torched
a
rally
in
the
oversold
Chinese
equities,
sucking
out
capital
from
Asian
equity
markets
and
cryptocurrencies.
Bitcoin,
the
leading
cryptocurrency
by
market
value,
rose
to
nearly
$63,500
during
the
North
American
daytime,
probing
a
downtrend
line
characterizing
the
pullback
from
late
September
highs
above
$66,000,
according
to
data
source
CoinDesk
and
TradingView.
Prices
topped
$63,400
late
Friday
but
failed
to
sustain
the
move
and
dipped
to
$62,400
early
today.
A
breakout
above
the
trendline
would
imply
an
end
of
the
pullback
from
the
late
September
high
and
a
resumption
of
the
rally
from
early
September
lows
under
$53,000.