Matrixport: Bitcoin Retraces to Key Range, Potential Further Drop Ahead

BlockBeats News, September 1st, Matrixport released its latest report on social media stating that Bitcoin has retraced to the $106,000–$108,000 range, a level it has been closely watching. In its recent report, Matrixport has taken a more conservative stance and warned that a retest of $108,000 may just be the beginning. Since late July, Matrixport has been emphasizing the increasing resistance due to seasonal weakness.

Now, as this week's US employment data is about to be released and Bitcoin is at a key technical level, the market is setting the stage for a potential major rally. While many traders would be surprised by further Bitcoin downside, this scenario cannot be ruled out. Rate cuts are often seen as the fuel for driving cryptocurrency prices higher, but they rarely come without consequences.