Bitcoin Price May Retest $112K Support: Matrixport Analysis

Crypto financial services firm Matrixport suggests that Bitcoin (BTC) might retest the $112,000 support level. This comes after recent price action failed to hold a downward trend line, contradicting earlier bullish expectations. Despite a limited decline, analysts note cautious market sentiment ahead of the US Federal Reserve’s September interest rate meeting. Analysts anticipate that while the upcoming Jackson Hole Symposium will likely provide few impactful signals for traders, the focus will shift towards the September 17th FOMC meeting, anticipated to be a key catalyst for Bitcoin and other risk assets.