Matrixport: As Long as Bitcoin Remains Above $105,696, the Overall Trend Remains Bullish

According to a report by Jinse Finance, Matrixport's latest market analysis states that at this stage, it may still be too early—and perhaps overly pessimistic—to determine whether Bitcoin will fall back to the 21-week moving average of $105,696. However, we continue to view this level as a key trend indicator: as long as the price remains above this level, the overall trend is still bullish; if it falls below, caution is warranted for potential bear market signals. Over the past three weeks, we have consistently expressed a more cautious stance in our weekly reports, and Bitcoin has indeed experienced a pullback, even though overall market sentiment remains relatively optimistic. In the short term, some capital may flow back from highly volatile altcoins to Bitcoin, providing some price support. Nevertheless, we still advise investors to remain cautious and manage their risk exposure. This assessment has been reiterated several times in recent weeks and remains applicable now.