Matrixport: Bitcoin Oversold, U.S. Inflation Data Could Trigger Market Rally If It Falls to 3%
According to a weekly report published by Matrixport on the X platform, bitcoin could see a recovery when US inflation figures are released next week. Bitcoin is currently oversold, and historically this has been accompanied by a rally. If inflation falls below 3 per cent, the market may respond positively. Risk assets are still heavily influenced by macroeconomic factors, particularly concerns about economic growth and the job market. trading volume and liquidity are expected to decline in August, which could lead to lower returns. Monday's 18 per cent selloff confirms expectations of market weakness. The Circle stablecoin saw outflows last week, and this week's inflows may be a sign of a bottoming out. The Relative Strength Index (RSI) is below 30%, which could provide a buying opportunity, similar to the June 2024 scenario. In a bitcoin bull market, it is rare to see the RSI below 30%, although consolidation is possible.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A newly created wallet withdrew 300 BTC worth $26.7 million from an exchange.
Trending news
MoreThe "ultimate bear" whale makes a 20x short on BTC, with unrealized profits exceeding $18 million and funding fees alone earning $9.56 million.
The European Central Bank is expected to hold rates steady next week, with markets closely watching economic forecasts and signals on the timing of rate hikes.