Matrixport: Bitcoin's Rebound Sustainability Still to Be Verified

On November 10th, Matrixport released a market view indicating that, from a technical standpoint, the current round of retracement has neared the value-for-money range. The RSI recently dropped to 35. Based on historical experience, technical buy pressure tends to become active around this level. However, the sustainability still requires validation from macro catalysts. Short-term catalysts include: the potential resolution of the U.S. government shutdown this week, and Trump's hint of distributing around $2000 in "stimulus checks" to the public, which leads the market to associate it with the retail frenzy driven by checks in 2020-2021. Overall, considering the net outflow of ETFs in the past week and institutional caution, the rebound is limited. Relying solely on the aforementioned catalysts is difficult to independently drive a substantial trend reversal. Validation through the convergence of liquidity and fundamentals is still needed.