Analysis: Bitcoin stabilizes above the 21 week moving average, with $87045 becoming a key stop loss level

Matrixport's latest weekly report states that the price of Bitcoin has risen to $93653, breaking through and stabilizing above the 21 week moving average, which is an important technical indicator for judging the market's long and short trends. The report suggests that although the macro environment has not fully returned to normal, there are still opportunities for a moderate upward trend in the US stock market, providing support for risk assets including Bitcoin. Bitcoin recently broke through the 23.6% Fibonacci retracement level of $87045, providing positive operational signals for investors and can now be seen as a reasonable stop loss level for long positions. Although the summer market typically exhibits range volatility, Bitcoin still has upward potential, especially with the recent strong trend in gold further strengthening the reasons for investing in Bitcoin. The report emphasizes that global holders of US dollar assets are seeking asset diversification and reducing their dependence on the US dollar, a process expected to continue for several years.