Matrixport: Bitcoin is retesting its breakout level and still has significant upside potential in the short term

Odaily News Matrixport released today's chart, saying that since mid-November, the price of Bitcoin has been trading in a gradually narrowing wedge range. This trend is affected by multiple factors: on the one hand, higher-than-expected inflation data and the hawkish stance of the Federal Reserve suppressed market sentiment; on the other hand, the market's optimistic expectations that President Trump may establish a "strategic Bitcoin reserve" provided support for prices and avoided a larger correction.
The sideways movement in the wedge range continued until Trump's inauguration, which became the catalyst for Bitcoin's upward breakout, sending a strong bullish signal. Currently, Bitcoin is retesting the breakout level, which coincides with the upper boundary of the wedge. If Bitcoin can hold this key support level, it still has significant upside potential in the short term, and the breakout further strengthens the market's bullish expectations.