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Bitcoin News: Bitcoin Price Could Retest $112K Support, Says Matrixport

18/08 16:20

Bitcoin (BTC) may be on track to retest the $112,000 support level, according to a new research note from crypto financial services firm Matrixport.The company highlighted that Bitcoin’s recent pullback failed to hold the downward trend line, diverging from earlier bullish expectations. While the decline is expected to be limited, analysts said that market sentiment is turning cautious ahead of the U.S. Federal Reserve’s September interest rate meeting.Jackson Hole Likely a Non-EventMatrixport noted that the upcoming Jackson Hole Symposium (Aug. 21–23) will likely produce few actionable signals for traders. The focus will be on academic discussions, with little direct impact on market momentum. Instead, investors are watching the Federal Open Market Committee (FOMC) meeting on Sept. 17, which is seen as the next major catalyst for Bitcoin and risk assets.Bitcoin Technical OutlookCurrent trading range: $112,000 – $117,292Support level: $112,000Resistance level: $117,292Trading strategies:Breakout play: Enter on a confirmed breakout above $117,292.Buy the dip: Accumulate near $112,000 support if tested.Market Sentiment Ahead of Fed“While the Jackson Hole meeting may not move the needle, the Fed’s September decision is where traders expect volatility to return,” Matrixport said in its note.At press time, Bitcoin is consolidating near the middle of its current trading range, with traders weighing macroeconomic policy signals and technical levels to guide their next moves.

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