Matrixport: Bitcoin Breaking Out of Triangle Pattern, Funds Continuously Flowing into Crypto Market

BlockBeats News, August 12th. Matrixport released today's market analysis stating, "Bitcoin is challenging the upper boundary of a triangle consolidation range. During the Asian session, the price briefly rose, but met selling pressure during the European and American sessions, leading to a partial retracement of gains. If the price remains above $116,817, the breakout is still valid, and there is still room for further upside in the short term.

Against the backdrop of the current seasonally weak period, the price may rise steadily rather than sharply. If the CPI exceeds expectations, it may temporarily shake market confidence in the Federal Reserve's two interest rate cuts this year. However, we still believe this expectation aligns with the long-term trend.

Funds continue to flow into the crypto market through various channels, and long-term investors may reap the rewards this year."