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Matrixport: Bitcoin Tests Key Support Level, Continues August's Common Seasonal Weakness
BlockBeats News, August 4th, Matrixport released an icon analysis stating: "Over the past few weeks, we have repeatedly pointed out in 'Matrix on Target' and daily updates that Bitcoin is approaching the key technical support level of $112,000. Now that this support has been broken, market sentiment is beginning to shift. Despite many bullish views still prevailing, our previous cautious stance has gradually been validated.
This recent decline has, on one hand, continued the common August seasonal weakness, and on the other hand, has been influenced by macro uncertainty stemming from the downward adjustment in labor market data. A similar situation occurred around the same time last year when the Federal Reserve, under market pressure, unexpectedly cut interest rates by 50 basis points.
Considering that the market has already priced in two rate cuts, with the first expected to come as early as September, we maintain our previous expectation: until there is no improvement in economic and market fundamentals, risk assets may continue to exhibit weak performance."
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