Matrixport: Bitcoin Market Remains in a Tug-of-War Between Technical Weakness and Macroeconomic Improvement

On February 6, Matrixport released its weekly report, noting that after a rapid pullback, bitcoin has reached a key downside target range, and the market is still caught between “improving macro environment” and “insufficient technical recovery.” The report mentioned that rising growth indicators, stronger fiscal measures, and a weaker US dollar should support risk assets, but bitcoin has yet to provide a clear reversal confirmation. From a technical perspective, key trend levels have been breached, previous support zones have turned into resistance, and the recent rebound appears more like a corrective recovery rather than a trend reversal. Position structure amplifies upward pressure, with limited reduction of high-entry funds, and existing funds may turn into supply pressure. From a cyclical perspective, the current situation resembles the late-stage top of the cycle, with prices likely to experience a pullback or weak consolidation.