Matrixport: Technical indicators show that the market may consolidate in the next one or two months, and the Fed is not expected to announce a rate cut directly at the meeting on July 30.

BlockBeats news, on July 18, Matrixport stated in its latest weekly report that recent US policy, fiscal measures, and macro data have released a lot of favourable information, and Bitcoin has consequently entered a new trading range. However, the current price is approaching the upper boundary, and technical indicators suggest that the market may enter a consolidation period in the next month or two. Over the past 18 months, Bitcoin's price has steadily risen, roughly in increments of $16,000. Among them, $106,000 was a clear resistance in the first quarter, which then transformed into a key support after entering the second quarter. Based on this structure, $122,000 is the next reasonable target. Recently, Bitcoin briefly touched this level but quickly fell back, indicating that the market may enter a phase of consolidation, building momentum for the next trend. Choosing to 'lock in profits' during a bull run inherently carries the risk of missing out on subsequent gains. However, considering that Bitcoin may enter a consolidation period in the summer and that the next macro catalyst (such as a Fed rate cut) is still unclear, moderately locking in some profits remains a rational choice. Current technical indicators show that Bitcoin has entered the overbought zone (RSI breaking 70), and multiple reversal signals have also shown signs of decline. If Bitcoin can pull back to the $106,000-$108,000 range and hold above, it is expected to relieve technical pressure and create conditions for the next rise. Matrixport explained that Bitcoin is still in a bull market. This week's 'Greed and Fear Index' has entered the 'Greed' zone, reflecting a heated market sentiment, but this does not mean that the market will immediately reverse. The current risk-reward ratio has become neutral, and the space for blindly bullish sentiment is narrowing. Although momentum and reversal indicators have shown certain signals, whether the market can continue to rise still depends on whether new catalysts emerge subsequently. It is expected that the Fed will not directly announce a rate cut at the meeting on July 30 but may release signaling for expectation management to pave the way for policy adjustments in September.