TechFlow news, August 4 — Matrixport released a chart today stating, "Over the past few weeks, we have repeatedly highlighted in our 'Matrixon Target' report and daily updates that Bitcoin was approaching a key technical support level at $112,000. Now that this support has been broken, market sentiment is beginning to shift. Although bullish views still exist, our previous cautious stance is gradually being validated."
This downturn continues the typical seasonal weakness commonly seen in August, while also being influenced by macroeconomic uncertainty triggered by downward revisions in labor market data. A similar situation occurred around the same time last year, when the Federal Reserve unexpectedly cut interest rates by 50 basis points due to market pressure.
Given that the market has already priced in two rate cuts, with the first one expected as early as September, we maintain our prior outlook: until there is improvement in economic and market fundamentals, risk assets may continue to show weak performance.
