Odaily Planet Daily News Matrixport released today's chart saying that since mid-November, Bitcoin has been trading in a gradually narrowing wedge range. This trend is affected by multiple factors: on the one hand, higher-than-expected inflation data and the Fed's hawkish stance suppressed market sentiment; on the other hand, the market's optimistic expectations that President Trump may establish a "strategic Bitcoin reserve" provided support for prices and avoided a larger correction.
The sideways fluctuations in the wedge range continued until Trump's inauguration, and this event became a catalyst for Bitcoin's upward breakthrough, releasing a strong bullish signal. Currently, Bitcoin is retesting the breakthrough level, which coincides with the upper boundary of the wedge. If Bitcoin can hold this key support level, it still has significant upside potential in the short term, and the breakthrough further strengthens the market's bullish expectations.