Matrixport： If Bitcoin can maintain its current key support level, it still has significant upward potential in the short term

Matrixport stated that the price of Bitcoin has been in a gradually narrowing wedge-shaped range since mid November last year, influenced by multiple factors including higher than expected inflation data and the hawkish stance of the Federal Reserve suppressing market sentiment, as well as optimistic expectations that President Trump may establish a "strategic Bitcoin reserve". Trump's inauguration ceremony has become a catalyst for Bitcoin's upward breakthrough, and currently Bitcoin prices are retesting the breakthrough level, which matches the upper boundary of the wedge. If Bitcoin can maintain this key support level and still have significant upward potential in the short term, the market's bullish expectations will further strengthen.