Analysis: Bitcoin is expected to continue consolidating until August, making it difficult to break through the key resistance level of $122,000 in the short term.

PANews reported on July 25 that Matrixport indicated in its latest report that Bitcoin may maintain a consolidation trend during the summer. Although it previously broke through key trend lines and reached higher trading ranges, a technical pullback has occurred after the market sentiment surged, with Bitcoin falling 0.6% over the past week. Technical indicators show that both Bitcoin and Ethereum are in an overbought state, increasing the risk of further pullbacks. The report indicates that as the summer market enters a calm period, traders may start to close their positions, especially as Ethereum’s open contracts have increased significantly. The rise in funding costs may weaken market confidence, leading to further adjustments. Additionally, the profit-taking behavior of early investors has intensified selling pressure. Matrixport believes that Bitcoin will struggle to break through the key resistance level of $122,000 in the short term, and the market is expected to continue consolidating until August. Furthermore, the U.S. White House has postponed the release of the cryptocurrency report originally scheduled for July 22 to July 30, which may focus on stablecoin-related policies rather than Bitcoin reserve strategies.