Matrixport: Bitcoin dips to key support level, continuing the seasonal weakness commonly seen in August.

On August 4, Matrixport released an icon analysis stating: "In the past few weeks, we have repeatedly indicated in 'Matrix on Target' and daily updates that Bitcoin is approaching the key technical support level of $112,000. Now, this support has been broken, and market sentiment has begun to shift. Although there are still many bullish views, our previous cautious stance has gradually been validated. This round of decline continues the seasonal weakness commonly seen in August, and is also impacted by macro uncertainty triggered by downward adjustments in labor market data. A similar situation occurred during the same period last year when the Fed unexpectedly cut interest rates by 50 basis points due to market pressure. Given that the market has already factored in two rate cuts, with the first cut expected to occur as early as September, we maintain our previous expectation: risk assets may still exhibit weak performance until there is improvement in economic and market fundamentals."