Matrixport published a noteworthy report on August 18th, highlighting that Bitcoin has struggled to maintain its downward trend line, which previously indicated a potential breakout. The cryptocurrency has recently dipped below its historical support level, prompting cautious sentiment in the market, particularly ahead of the upcoming September Fed rate decision. Despite this, analysts are not overly pessimistic about further downside risks, anticipating that Bitcoin might revisit the critical $112,000 threshold.
With the annual Jackson Hole meeting approaching, Matrixport asserts that significant market-driving signals are unlikely, as such events usually serve more as platforms for dialogue rather than catalysts for market movement. Participants are looking towards the September 17th FOMC meeting, which is expected to be decisive. Currently, Bitcoin remains trapped in a “no man’s land,” oscillating between $112,000 and $117,292. Traders face two strategic options: initiating purchases on a breakout above the established range or accumulating positions during pullbacks towards $112,000, as the market awaits clearer directional cues.