Matrixport: Bitcoin's pullback to a key range may lead to further declines

ChainCatcher news, Matrixport has released its latest report on social media stating that Bitcoin has pulled back to the range of $106,000 -- $108,000, a level it has been closely monitoring. In a recent report, Matrixport took a more conservative stance and warned that a retracement to $108,000 might just be the beginning.

Since late July, Matrixport has emphasized that seasonal weakness is increasing resistance. Now, with U.S. employment data set to be released this week and Bitcoin at a critical technical juncture, the market is preparing for a potential major rally. While many traders might be surprised by further declines in Bitcoin, this scenario cannot be ruled out. Interest rate cuts are often seen as fuel for driving cryptocurrency prices up, but they rarely come without a cost.