Matrixport: Bitcoin is retesting the breakout level, and still has significant potential for growth in the short term

Matrixport released a chart today stating that since mid-November, the Bitcoin trading price has been in a gradually narrowing wedge-shaped range. This trend is influenced by multiple factors: on one hand, higher-than-expected inflation data and the hawkish stance of the Federal Reserve have suppressed market sentiment; on the other hand, optimistic expectations that President Trump might establish a "strategic Bitcoin reserve" have provided support for prices, preventing larger retracements.
The sideways fluctuations in the wedge-shaped range continued until Trump's inauguration ceremony, which became a catalyst for Bitcoin to break upwards, releasing strong bullish signals. Currently, Bitcoin is retesting its breakout level which coincides with the upper boundary of the wedge. If Bitcoin can hold this key support level steady, it still has significant upside potential in short term and further breakthroughs would strengthen bullish market expectations.