TechFlow news, on August 9, Matrixport released a weekly report stating that with U.S. inflation data due next week, Bitcoin may see a recovery. Currently, Bitcoin is in an oversold condition, which historically often precedes a rebound. If inflation falls below 3%, markets could respond positively.
Risk assets remain heavily influenced by macroeconomic factors, especially concerns over economic growth and the labor market. Trading volume and liquidity in August are expected to decline, potentially leading to lower returns. Monday’s 18% plunge confirmed market weakness.
Last week saw outflows from Circle's stablecoin; this week’s inflows could signal a bottom-fishing opportunity. The Relative Strength Index (RSI) is below 30%, possibly offering a buying opportunity similar to June 2024. During Bitcoin bull markets, RSI dropping below 30% is relatively rare, even amid consolidations.
