PANews reported on August 6 that according to Matrixport analyst Markus Thielen, it is still too early to determine if Bitcoin will fall back to the 21-week moving average of $105,696, but this level is an important trend reference.
If the price remains above this level, the overall sentiment is bullish; if it falls below, caution should be exercised for bearish signals. In the past three weeks, Bitcoin has experienced a pullback, although market sentiment remains relatively optimistic. In the short term, funds may flow back to Bitcoin from highly volatile altcoins, providing support for the price, but investors should remain cautious and manage their risk exposure.
