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Matrixport: Bitcoin may test $112,000, market awaits key catalyst from the FOMC meeting
Summary: Matrixport has released a new research report stating that Bitcoin has failed to hold the downward trend line, breaking through the initial signal and recently falling below previous support. While not overly concerned about further downside risks, due to market caution ahead of the September Fed rate decision, Bitcoin prices may test the $112,000 level ...
Matrixport has released a new research report stating that Bitcoin has failed to hold the downward trend line, breaking through the initial signal and recently falling below previous support. While not overly concerned about further downside risks, due to market caution ahead of the September Fed rate decision, Bitcoin prices may test the $112,000 level again. Matrixport does not expect any substantial signals from this year's Jackson Hole meeting, as it is often more of a discussion platform than a market driver. Currently, the market is waiting for a real catalyst, with the September 17 Federal Reserve interest rate meeting (FOMC) being the most crucial event. From a technical perspective, Bitcoin is currently in a range between $112,000 and $117,292, leaving traders with two clear strategies: follow buying if the price breaks upwards, or buy on dips if the price falls close to $112,000. In other words, the market is in a wait-and-see phase, waiting for clarity in direction.
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Link: Matrixport: Bitcoin may test $112,000, market awaits key catalyst from the FOMC meeting [Copy]
