Matrixport: Bitcoin may dip to $112,000, as the market awaits the Fed's FOMC meeting for the most critical catalyst.

BlockBeats news, on August 18, Matrixport published a latest research report stating that Bitcoin failed to hold the downward trend line, which initially signaled a breakout and recently fell below the previous support. Although there is not excessive worry about further downside risk, due to the market remaining cautious ahead of the Fed’s September interest rate decision, Bitcoin prices may test the $112,000 level again. Matrixport does not expect this year’s Jackson Hole meeting to release any substantial signals, as it is often more of a discussion platform rather than a market driver. Currently, the market is waiting for a real catalyst, and the Federal Open Market Committee (FOMC) meeting on September 17 is the most critical event. From a technical perspective, Bitcoin is currently in the “no man’s land” between $112,000 and $117,292. This leaves traders with two clear strategies: if the price breaks upward, then follow to buy; if the price pulls back near $112,000, then buy low. In other words, the market is in a wait-and-see phase, waiting for clarity in direction.