🔍Matrixport: Can Bitcoin Hold Key Support Levels, and How Much Potential for Short-Term Upside?
Today, Matrixport released an analysis on Bitcoin that is worth our attention and consideration!
Matrixport stated that Bitcoin's price has been in a gradually narrowing wedge range since mid-November last year, influenced by multiple factors during this period.
On one hand, higher-than-expected inflation data and the Federal Reserve's hawkish stance have been suppressing market sentiment; on the other hand, market optimism for Bitcoin has been continuously rising, especially the expectation that President Trump may establish a 'strategic Bitcoin reserve', providing some support for Bitcoin.
Recently, Trump's inauguration seems to have become a catalyst for Bitcoin's upward breakout. Currently, Bitcoin's price is retesting the breakout level, which coincides with the upper boundary of the wedge.
Therefore, Matrixport believes that if Bitcoin can firmly hold this key support level, it still possesses significant upside potential in the short term, and bullish market expectations will further strengthen.
💬 Do you think Bitcoin can hold this key support level? Can we really expect a breakout and strong rise in the short term? Share your opinions and views in the comments!
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