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Matrixport: Technical indicators suggest that the market may consolidate in the next one to two months, with the expectation that the Federal Reserve will not directly announce a rate cut at the meeting on July 30th.
BlockBeats News, July 18th, Matrixport stated in its latest weekly report that recently, the U.S. policy, fiscal, and macro data have been releasing many positive signals, and Bitcoin has also smoothly entered a new trading range. However, the current price is approaching the upper boundary, and technical indicators suggest that the market may enter a consolidation phase in the next one or two months.
Over the past 18 months, the price of Bitcoin has steadily increased by approximately $16,000 in each step. Among them, $106,000 was a significant resistance in the first quarter, which then transformed into a key support in the second quarter. Based on this structure, $122,000 is the next reasonable target. Although Bitcoin briefly touched this level recently, it quickly fell back, indicating that the market may enter a phase of consolidation to gather momentum for the next trend.
Choosing to "take profit and run" during a bull market inherently carries the risk of missing out on further gains. However, considering that Bitcoin may enter a period of consolidation in the summer, and the next macro catalyst (such as a Fed rate cut) is still uncertain, locking in some profits reasonably remains a wise choice. Current technical indicators show that Bitcoin has entered the overbought zone (RSI breaking 70), and multiple reversal signals are showing signs of retreat. If Bitcoin can pull back to the $106,000-$108,000 range and hold steady, it is likely to relieve technical pressure and set the stage for the next rally.
Matrixport explained that Bitcoin is still in a bull market. This week's "Fear and Greed Index" has entered the "greed" zone, reflecting the market's overheated sentiment, but this does not mean that the market will immediately reverse. The current risk-reward ratio has become neutral, and the blind bullish sentiment is narrowing. Despite some momentum and reversal indicators signaling, whether the market can continue to rise still depends on whether new catalysts will enter the scene. It is expected that the Fed will not directly announce a rate cut at the July 30th meeting but may release guidance signals to pave the way for policy adjustments in September.
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