Express
Matrixport: Bitcoin Tests Key Support Level, Continuing August Seasonal Weakness
Summary: Matrixport released a chart analysis indicating that Bitcoin has broken through the key technical support level of $112,000, leading to a shift in market sentiment. Despite some bullish views, the cautious stance taken previously has been gradually validated. This recent decline continues the common seasonal weakness seen in August, and is also influenced by macroeconomic ...
Matrixport released a chart analysis indicating that Bitcoin has broken through the key technical support level of $112,000, leading to a shift in market sentiment. Despite some bullish views, the cautious stance taken previously has been gradually validated. This recent decline continues the common seasonal weakness seen in August, and is also influenced by macroeconomic uncertainty stemming from a downgrade in labor market data. Similar situations occurred last year at the same time, when the Federal Reserve unexpectedly cut interest rates by 50 basis points due to market pressure. Considering that the market has already priced in two rate cuts, with the first expected to come in September at the earliest, we maintain our previous expectation: risk assets may continue to show weak performance until there is an improvement in economic and market fundamentals.
Tags:
Link: Matrixport: Bitcoin Tests Key Support Level, Continuing August Seasonal Weakness [Copy]
