Matrixport: The current trend model remains bearish, but it will turn bullish if it breaks above $103,000

ChainCatcher news, Matrixport indicates that according to the Bollinger Bands measurements, the lower band of Bitcoin is gradually expanding, showing an increased risk of decline, but after a reversal, it may provide a favorable risk/reward entry point for bulls. Currently, the greed and fear index is close to the critical 10% level, and the 30-day rolling return rate is close to 10%. These indicators typically suggest that the downtrend may slow or reverse.

Although Bitcoin remains above the 21-week moving average and is technically in a bull market, the momentum has turned bearish. The minting and trading volume of stablecoins has significantly decreased, DeFi activity has reduced, Bitcoin's dominance has risen, and funds have flowed back from altcoins to Bitcoin, leading to a weakening of market speculative sentiment.

Historical data shows that when Bitcoin rises over 40% within 30 days, it usually peaks or enters a consolidation phase. Currently, the trend model remains bearish, but it will turn bullish if it breaks above $103,000. As the consolidation period extends, the trigger point for bullish signals decreases, increasing the likelihood of a reversal.

Bitcoin is currently attempting to maintain the $90,000 level, primarily driven by the flow of funds back from altcoins rather than new capital inflows. The market trend is momentum-driven, and traders need to manage risks cautiously while seeking opportunities amid volatility. Despite the overall market momentum being weak, Bitcoin has shown some resilience due to its relative safety.