Matrixport: Risk assets may still maintain weak performance until economic and market fundamentals improve

According to a report by Golden Finance, Matrixport released today's chart stating, "Over the past few weeks, we have repeatedly indicated in Matrixon Target and daily updates that Bitcoin is approaching the key technical support level of $112000. Now, the support has been breached and market sentiment is beginning to shift. Although there are still many bullish views, our cautious stance has gradually been validated. This round of decline, on the one hand, continues the seasonal weakness commonly seen in August, and on the other hand, is also affected by the macro uncertainty caused by the downward adjustment of labor market data. A similar situation also occurred in the same period last year, when the Federal Reserve unexpectedly cut interest rates by 50 basis points due to market pressure Given that the market has taken into account two interest rate cuts and the first one is expected to land as early as September, we still maintain our previous expectation that risk assets may remain weak until economic and market fundamentals improve