TechFlow news, January 21 — According to Matrixport, Bitcoin's price has been trading within a gradually narrowing wedge pattern since mid-November last year. This movement has been influenced by multiple factors, including higher-than-expected inflation data and the Federal Reserve's hawkish stance weighing on market sentiment, while optimism around President Trump potentially establishing a "strategic Bitcoin reserve" has provided support.
Trump's inauguration served as a catalyst for Bitcoin's breakout upward. Currently, Bitcoin is retesting the breakout level, which coincides with the upper boundary of the wedge. If Bitcoin can firmly hold this key support level, it still possesses significant upside potential in the short term, further strengthening bullish market expectations.
