Matrixport: The US is about to release inflation data, and Bitcoin may see a recovery

2024-08-09 16:42:22

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ChainCatcher message, Matrixport released a weekly report stating that the U.S. will release inflation data next week, and Bitcoin may see a recovery. Currently, Bitcoin is in an oversold state, which historically has often been accompanied by a rebound. If inflation drops below 3%, the market may respond positively.

Risk assets are still significantly influenced by macroeconomic factors, especially concerns about economic growth and the job market. Trading volume and liquidity in August are expected to decline, which may lead to lower returns. The 18% drop on Monday confirmed the market's weak expectations.

Last week, Circle stablecoin saw outflows, while this week’s inflows may indicate bottom-fishing. The Relative Strength Index (RSI) is below 30%, which may provide a buying opportunity, similar to the situation in June 2024. In a Bitcoin bull market, although consolidation may occur, an RSI below 30% is relatively rare.

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