Matrixport: Bitcoin dips below key support level, extending seasonal weakness common in August

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MarsBit
08-04
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Mars Finance News: On August 4th, Matrixport released an icon analysis stating: "In the past few weeks, we have repeatedly hinted in 'Matrix on Target' and daily updates that Bitcoin was approaching a critical technical support level of $112,000. Now, this support has been broken, and market sentiment is beginning to change. Although there are still many bullish views, our previous cautious stance has gradually been verified. This round of decline continues the seasonal weakness typical of August and is also influenced by the macroeconomic uncertainty caused by the downward adjustment of labor market data. A similar situation occurred in the same period last year, when the Federal Reserve chose to unexpectedly cut interest rates by 50 basis points due to market pressure. Given that the market has factored in two interest rate cuts, with the first cut expected to land as early as September, we still maintain our previous expectation: risk assets may continue to perform weakly before there is an improvement in economic and market fundamentals."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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