A report from Matrixport warns of potential Bitcoin consolidation amid U.S. fiscal uncertainty and seasonal factors.
Historical Bitcoin Weakness in August and September
Matrixport's report published on July 25 indicates that Bitcoin may remain in a consolidation phase through August and September due to technical and macroeconomic factors. Data show these months as traditionally weak for Bitcoin, with average returns in August nearing zero.
Bitcoin Prices Linked to Fiscal Policies
According to insights from Coincu's research team, Bitcoin's price movements closely tie with fiscal policies and macroeconomic themes. Currently, Bitcoin is trading at $115,049.43, with a market cap of $2.29 trillion. Analysts highlight that 'Bitcoin is now technically overbought, with further upside dependent on fresh catalysts such as policy developments or macroeconomic shifts.'
General Findings and Financial Performance of Bitcoin
In the past 30 days, Bitcoin's price has increased by 7.24%, despite a 3.05% drop in the last 24 hours. Trading volume reached $78.13 billion, reflecting recent market adjustments. Overall, the report emphasizes Bitcoin's role as a pivotal asset amid global economic shifts.
In summary, the Matrixport report highlights the significance of fiscal sentiment and seasonal trends in predicting Bitcoin's potential behavior in the coming months.
