Crypto finance company Matrixport highlighted Bitcoin’s recent pullback in its analysis published today.
Matrixport: Bitcoin Could Retest $112,000 Support
The report stated that Bitcoin, contrary to expectations, failed to maintain its downtrend line, but the current decline is expected to be limited. According to the analysis, with a cautious tone prevailing in the markets, the price of Bitcoin could retest the $112,000 support level.
Matrixport stated that investors are particularly focused on the US Federal Reserve (Fed) interest rate decision meeting in September. The Jackson Hole meeting is expected to have limited impact on markets and will be the focus of more academic discussion. The main market catalyst, however, is the FOMC meeting on September 17th.
From a technical perspective, Bitcoin is reportedly fluctuating between $112,000 and $117,292. This range offers investors two possible trading strategies: one is to wait for the price to breakout to the upside, and the other is to open a position if the price falls back to $112,000.
Analysts emphasized that despite the current uncertainty, Bitcoin’s long-term outlook remains positive, but that short-term volatility could persist. Matrixport’s assessment stands out as an important reference for both institutional and individual investors in shaping their risk management strategies.
*This is not investment advice.