Odaily Planet Daily reports that Matrixport released today's chart, stating that over the past few weeks, we have repeatedly warned in our "Matrix on Target" and daily updates that Bitcoin was approaching the key technical support level of $112,000. Now that this support has been broken, market sentiment is shifting. While many bullish views remain, our previous cautious stance has gradually been validated.

This decline was driven by a continuation of the seasonal weakness typically seen in August, as well as macroeconomic uncertainty stemming from downward revisions to labor market data. A similar situation occurred last year, when the Federal Reserve unexpectedly cut interest rates by 50 basis points due to market pressure.

Given that the market has taken two interest rate cuts into consideration, with the first cut expected as early as September, we still maintain our previous expectations: risk assets may continue to perform weakly until economic and market fundamentals improve.