Matrixport: Bitcoin Price Stays Bullish as Long as It's Above $105,696

On August 6th, Matrixport released today's market analysis which stated, "At the present stage, it might still be too early and even somewhat pessimistic to determine whether Bitcoin will decline back to its 21-week moving average of $105,696. Nevertheless, we still regard this level as a reference for the key trend: if the price is above this level, the overall trend remains bullish; once it breaks below, we need to be vigilant against a bear market signal." In the past three weeks, we have maintained a more cautious attitude in our weekly reports. During this period, Bitcoin has undergone a pullback, although market sentiment remains relatively optimistic. In the short term, some funds may flow back from high-volatility alternative coins to Bitcoin, which provides some support to the price. However, we still advise investors to remain cautious and control their risk exposure. This judgment has been made multiple times in the past few weeks and is still applicable today.