"Bitcoin: Technical rebound uncertain despite recent uptick… Will the wait-and-see trend continue in August?"

There is analysis that Bitcoin (BTC) has entered a short-term technical correction phase. As trading volume slows and funding rates fall, investor sentiment has become subdued, and the market is paying attention to the possibility of a US interest rate cut in September.

On the 8th, cryptocurrency analytics firm Matrixport stated in its weekly report, "The recent Bitcoin market has seen a decrease in trading volume and overall liquidity has weakened. Amidst seasonal uncertainties in August and external factors, investors are exhibiting a cautious attitude."

Some in the market argue that whether the technical support line will hold is a key point. The report analyzed, "$112,000 was the zone where a rebound was attempted after the first correction, but as momentum has weakened recently, it may be tested again. If this level fails, the $106,000 range could serve as the next major support."

The report also stated, "The key factor for Bitcoin is the market's reassessment of US economic growth rates. If the US central bank, the Fed, does not signal a clear rate cut amid weak economic indicators, the correction trend may continue."

Furthermore, the report noted, "The expansion of Bitcoin holdings by listed companies is also being constrained by the recent lackluster volatility. This leads to a decrease in the asset value (NAV) of Bitcoin relative to share prices, thereby weakening the capacity for new purchases."

It continued, "While Bitcoin has entered an oversold technical zone and a short-term rebound is possible, there is a lack of catalysts for a strong trend reversal. Until a clear direction emerges, the price is likely to remain range-bound," the report projected.