The price trend of Bitcoin is currently retesting a key support level, multiple macro factors may lead to another strong bullish market rebound.
Bitcoin based on the current support level may break through.
Matrixport's recent Bitcoin report emphasizes the possibility of a breakthrough in Bitcoin price after retesting key support levels.
The report points out that since mid-November last year, the price of Bitcoin has been in a gradually narrowing wedge pattern. This pattern has been influenced by various factors such as the hawkish stance of the Federal Reserve and higher-than-expected inflation data, which have subdued market sentiment.
In addition, the market has pinned hopes on President Trump establishing a Global Strategy Bitcoin reserve to provide more institutional support for Bitcoin.
Currently, the current price of Bitcoin is retesting the breakout level, corresponding to the upper boundary of the wedge, and President Trump's inauguration may become a catalyst for further breakthroughs.
If Bitcoin can maintain this key support level, there is still a great potential for a significant short-term increase, which will further enhance the market's optimistic predictions.