Matrixport: If Bitcoin Price Sits Above $105,696, Overall Trend Remains Bullish

BlockBeats News, August 6th, Matrixport released today's market analysis stating, "At the current stage, it may still be too early, or even overly pessimistic, to judge whether Bitcoin will fall back to its 21-week moving average of $105,696. However, we still consider this level as a reference for the key trend: if the price is above this level, the overall trend is still bullish; once it falls below, we need to be alert to a bear market signal."

Over the past three weeks, we have maintained a more cautious stance in our weekly reports, and Bitcoin has undergone a pullback despite the market sentiment remaining relatively optimistic.

In the short term, some funds may flow back from high-volatility altcoins to Bitcoin, providing some support for the price. However, we still advise investors to remain cautious and control their risk exposure. This assessment has been repeatedly raised in the past few weeks and still applies now."