A recent analysis by Matrixport indicates that Bitcoin has broken out of its triangle formation, suggesting an confirmed upward trend. However, the upcoming consumer inflation data may affect market movements.
Bitcoin and Triangle Breakout
Matrixport emphasized that Bitcoin has broken upwards from its triangle formation, with the trend confirmed as upward. Holding above $116,817 is characterized as a significant breakout, while attempts to reach a peak at $122,282 are particularly noteworthy on the chart. Overall, the analysis depicts a bullish direction, although risk levels are prominent.
Impact of CPI Data on the Market
According to Matrixport's analysis, the announcement of CPI data, which could exceed expectations, may weaken the anticipation of two interest rate cuts within the year. Even if this scenario seems possible, in a seasonally quieter period, prices are expected to maintain a gradual upward trend rather than a parabolic acceleration.
Investment Prospects in Cryptocurrency
Matrixport pointed out that capital inflows into the cryptocurrency market continue throughout the year through various channels. It was noted that patient and disciplined investors might be rewarded later in the year under these circumstances.
Thus, Bitcoin demonstrates positive signals and continues to rise after a significant breakout. However, upcoming economic data may have a substantial impact on market dynamics.
