PANews reports on August 4th that according to Matrixport analysis, Bitcoin has fallen below the key technical support level of $112,000 in recent weeks, causing a shift in market sentiment. The analysis points out that this decline continues the seasonal weakness in August and is influenced by macroeconomic uncertainty triggered by downward adjustments in labor market data. A similar situation occurred during the same period last year, when the Federal Reserve unexpectedly cut interest rates by 50 basis points due to market pressure.
Currently, the market has factored in two potential interest rate cuts, with the first potentially occurring in September. Before improvements in economic and market fundamentals, risk assets may continue to show weak performance.
