Matrixport: Bitcoin is approaching the oversold zone, and the current price level may be a good opportunity to accumulate on dips

Matrixport released a chart stating that, from a technical perspective, Bitcoin is approaching the oversold area, which has historically been a high-frequency rebound zone. However, to determine whether the downtrend has come to an end and the market has entered a recovery phase, historical experience often suggests waiting for a clearer stop-loss signal from the daily chart, which has not yet appeared.

In terms of position, Bitcoin has retraced to the risk zone we previously indicated based on on-chain signals and changes in market structure. The current price level has a certain appeal for "buying on dips." However, to establish a more sustained upward trend, it still relies on new macro-positive factors to take over, which are currently insufficient. Some technical indicators, including the RSI, have shown signs of stabilization and recovery, but to confirm that the market has completed its bottoming process, it may still need to undergo further deleveraging and clearing of positions led by the spot market.