Matrixport: Bitcoin is approaching the Oversold zone, but still needs to wait for a reversal signal.

According to a report by Jinse Finance, Matrixport has released daily chart analysis stating that, from a technical perspective, Bitcoin is approaching the Oversold zone, which is typically where a Rebound occurs. However, to form a meaningful recovery, a clear reversal day is usually needed, and we have not seen that yet. Based on on-chain signals and market structure pressures, we have previously issued a warning for this round of pullback. Although “buying the dip” is quite attractive here, a more sustained trend reversal may still depend on the next macro-level positive catalyst, which has yet to materialize. Technical indicators like RSI (Relative Strength Index) may begin to stabilize and turn upward, but there may still need to be further spot sell-off to clear before the market establishes a solid bottom.