Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Matrixport: Bitcoin Oversold, U.S. Inflation Data Could Trigger Market Rally If It Falls to 3%

Matrixport: Bitcoin Oversold, U.S. Inflation Data Could Trigger Market Rally If It Falls to 3%

Bitget2024/08/09 11:01

According to a weekly report published by Matrixport on the X platform, bitcoin could see a recovery when US inflation figures are released next week. Bitcoin is currently oversold, and historically this has been accompanied by a rally. If inflation falls below 3 per cent, the market may respond positively. Risk assets are still heavily influenced by macroeconomic factors, particularly concerns about economic growth and the job market. trading volume and liquidity are expected to decline in August, which could lead to lower returns. Monday's 18 per cent selloff confirms expectations of market weakness. The Circle stablecoin saw outflows last week, and this week's inflows may be a sign of a bottoming out. The Relative Strength Index (RSI) is below 30%, which could provide a buying opportunity, similar to the June 2024 scenario. In a bitcoin bull market, it is rare to see the RSI below 30%, although consolidation is possible.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!