Matrixport: If Bitcoin can maintain its current key support level, there is still significant upside potential in the short term

ChainCatcher news, according to Matrixport, the price of Bitcoin has been in a gradually narrowing wedge pattern since mid-November last year, influenced by multiple factors including higher-than-expected inflation data and the Federal Reserve's hawkish stance suppressing market sentiment, as well as optimistic expectations in the market regarding President Trump's potential establishment of a "strategic Bitcoin reserve."

Trump's inauguration has become a catalyst for Bitcoin's upward breakout, and the current Bitcoin price is retesting the breakout level, which aligns with the upper boundary of the wedge. If Bitcoin can firmly hold this key support level, it still has significant upside potential in the short term, further enhancing bullish expectations in the market.