Matrixport: Bitcoin may retest the $112,000 support level, with the real catalyst for the market being the FOMC meeting on September 17

ChainCatcher message, Matrixport released today's chart stating that Bitcoin's recent decline failed to hold the downward trend line, which differs from our previous expectations. The current downward range is expected to be limited, but market sentiment is becoming cautious ahead of the Federal Reserve's September meeting, and the price may test the support level of $112,000 again.

The Jackson Hole meeting is expected to provide little substantive signals, leaning more towards academic exchange, making it difficult to influence the market. The real catalyst that the market is currently focused on is the FOMC meeting on September 17.

On the technical side, Bitcoin is hovering in the range of $112,000 to $117,292, providing traders with two strategies: chasing the upward breakout or building positions again when the price falls back to around $112,000, based on the earlier scenario.