Matrixport: Bitcoin Price Is Now Oversold, May Be About to Rebound

Aug. 9 (Bloomberg) -- A new report from Matrixport suggests that with the bitcoin price currently in an oversold state, a rally could be imminent. The report mentions that Bitcoin usually rebounds in such situations and that upcoming U.S. inflation data could push the market higher.

Additionally, the report highlights how trading volumes and liquidity are typically low in August, which could result in the market environment remaining challenging. Investors should keep a close eye on market movements, especially as the Relative Strength Index (RSI) approaches 30 per cent, which could present a buying opportunity similar to that of June 2024.