Matrixport: Risk Assets May Remain Weak Until Economic and Market Fundamentals Improve

According to Jinse Finance, Matrixport released today’s chart stating, “Over the past few weeks, we have repeatedly highlighted in ‘Matrixon Target’ and our daily updates that Bitcoin was approaching the critical technical support level of $112,000. Now, this support has been breached, and market sentiment is beginning to shift. Although there are still many bullish views, our previously cautious stance has gradually been validated. This round of decline is partly a continuation of the typical seasonal weakness seen in August, and partly influenced by macroeconomic uncertainty triggered by downward revisions in labor market data. A similar situation occurred at the same time last year, when the Federal Reserve, under market pressure, unexpectedly cut rates by 50 basis points. Given that the market has already priced in two rate cuts, with the first expected as early as September, we maintain our previous outlook: unless there is an improvement in economic and market fundamentals, risk assets may continue to show weak performance.”