PANews July 18 news, Matrixport's latest report points out that Bitcoin has recently been driven by favorable U.S. policies, fiscal, and economic data, entering a new trading range. However, it is currently approaching the upper boundary, and technical indicators suggest it may enter a consolidation phase in the next one to two months. Over the past 18 months, Bitcoin's price has gradually risen in increments of $16,000, and a reasonable target now is $122,000, but it quickly retreated after recently touching that level. The market may be gathering strength to prepare for the next round of increases.
The report analyzes that Bitcoin's technical indicators show it has entered an overbought state, with the RSI index exceeding 70, and several reversal signals are retreating. If Bitcoin's price can dip back to the $106,000 to $108,000 range and stabilize, it may alleviate technical pressure and create conditions for subsequent increases. At the same time, market sentiment is overheated, with the 'Greed and Fear Index' entering the 'Greed' zone, and the room for price increases has narrowed.
On the macro front, U.S. core inflation data has risen less than expected, and the Federal Reserve may signal at the end of July to pave the way for policy adjustments in September. Recent positive news such as the increase in the U.S. debt ceiling and progress on stablecoin legislation has also driven short-term fluctuations in Bitcoin.
