Odaily Planet Daily reports that Matrixport released a chart today stating that Bitcoin's recent pullback failed to hold the downward trend line, contrary to our previous expectations. While the current decline is expected to be limited, market sentiment is becoming more cautious ahead of the Federal Reserve's September interest rate meeting, and the price may retest the $112,000 support level.

The Jackson Hole meeting is expected to produce few substantive signals, with more focus on academic exchange and less likely to influence the market. The catalyst the market is truly focused on is the FOMC meeting on September 17.

Technically, Bitcoin is hovering between $112,000 and $117,292, offering traders two strategies: chasing the upward breakout or entering a position when the price falls back to around $112,000, whichever comes first.