According to PANews, Matrixport's latest report highlights that Bitcoin's price has entered a new trading range, driven by favorable U.S. policies, fiscal measures, and economic data. However, it is nearing the upper boundary, and technical indicators suggest a potential consolidation phase in the next one to two months. Over the past 18 months, Bitcoin's price has increased in $16,000 increments, with $122,000 being a reasonable target. Despite recently reaching this level, the price quickly retreated, indicating the market might be gathering momentum for another upward move.
The report analyzes Bitcoin's technical indicators, noting an overbought condition with the RSI index exceeding 70 and several reversal signals declining. If Bitcoin's price can stabilize between $106,000 and $108,000, it may alleviate technical pressure and create conditions for further increases. Meanwhile, market sentiment remains heated, with the 'Greed and Fear Index' entering the 'Greed' zone, suggesting limited room for price growth.
On the macroeconomic front, U.S. core inflation data has risen less than expected, potentially prompting the Federal Reserve to signal policy adjustments by the end of July, paving the way for changes in September. Additionally, recent developments such as the increase in the U.S. debt ceiling and progress on the stablecoin bill have contributed to short-term fluctuations in Bitcoin's price.
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