Matrixport: Bitcoin May Attempt a Counter-Trend Rally, But Remains in a Bear Market Reset Phase

According to charts and analysis released by Matrixport, Bitcoin is attempting a counter-trend rally after experiencing a wave of capitulation selling. This round of decline washed out weak positions and triggered passive selling pressure and cascading liquidations in the derivatives market. In the short term, there is still some technical upside potential, but whether the rally can continue depends crucially on whether new funds will follow up, rather than relying solely on short covering and mechanistic hedging capital.

Matrixport points out that Bitcoin overall remains in a larger-scale bear market reset phase. Rapid rebounds are not uncommon during such phases, but they are often difficult to sustain. On-chain data also indicates that the current environment remains weak, with insufficient demand momentum and limited structural accumulation. Meanwhile, increased hedging activity in the options market may further amplify price volatility. If spot market buying support is insufficient, Bitcoin prices are more prone to rapid declines, and the influence of derivatives on prices also increases accordingly.