Matrixport: Bitcoin is Re-testing Key Support Level, Reinforcing Bullish Market Sentiment

BlockBeats News, January 21st, Matrixport released today's chart report stating that since mid-November, the Bitcoin trading price has been within a gradually narrowing wedge range. This trend is influenced by multiple factors: on the one hand, higher-than-expected inflation data and the Fed's hawkish stance have suppressed market sentiment; on the other hand, the market's optimistic expectation that President Trump may establish a "strategic Bitcoin reserve" has supported the price, avoiding a larger pullback.

The sideways consolidation within the wedge range continued until the presidential inauguration, which became a catalyst for Bitcoin's upward breakout, releasing a strong bullish signal. Currently, Bitcoin is retesting the breakout level, which happens to align with the upper boundary of the wedge. If Bitcoin can hold this key support level steadily, it still has significant upside potential in the short term, and the breakout further strengthens the market's bullish expectations.