Analysis: It is expected that Bitcoin will continue to consolidate until August, and it is difficult to break through the key resistance level of $122000 in the short term

Matrixport pointed out in its latest report that Bitcoin may maintain its consolidation trend in the summer. Despite breaking through the key trend line and reaching a higher trading range earlier, there has been a technical correction in market sentiment, with Bitcoin falling 0.6% in the past week. Technical indicators show that both Bitcoin and Ethereum are overbought, increasing the risk of further pullbacks. The report points out that as the summer market enters a period of calm, traders may begin to close their positions, especially with a significant increase in open contracts for Ethereum. The rising cost of funds may weaken market confidence and drive further adjustments. In addition, early investors' profit taking behavior exacerbated selling pressure. Matrixport believes that Bitcoin is unlikely to break through the key resistance level of $122000 in the short term and expects the market to continue consolidating until August. In addition, the White House has postponed the release of its cryptocurrency report, originally scheduled for July 22nd, until July 30th, possibly focusing on stablecoin related policies rather than Bitcoin reserve strategies.