Matrixport: Bitcoin is approaching the oversold zone, current price level may be considered for buying the dip

ChainCatcher news, Matrixport released a chart indicating that from a technical perspective, bitcoin is approaching the oversold region, an area that has historically been prone to rebounds. However, to determine whether the downtrend has ended and the market has entered a recovery phase, historical experience suggests that we often need to wait for the daily chart to provide a clearer signal of a bottom, which has not yet appeared in the current market.

In terms of position, bitcoin has already retraced to the risk zone we previously identified based on on-chain signals and changes in market structure. The current price level has a certain appeal for "buying the dip." However, for a more sustained upward trend to emerge, new macro-level positive catalysts are still needed, and such drivers are currently insufficient. Some technical indicators, including RSI, have shown signs of stabilizing and rebounding, but to confirm that the market has completed bottoming out, it may still require a further round of spot-led deleveraging and position clearing.