Matrixport: Bitcoin's key level has been breached, and the market is still in a correction phase

Matrixport pointed out in its latest chart analysis that Bitcoin is still in a correction phase after breaking through a key technical level.

It stated that the 21-week moving average is a core indicator for observing the bullish-bearish switch of Bitcoin. In past market trends, this moving average has provided good follow-up signals during upward phases and often issues risk warnings before sharp pullbacks, helping investors avoid significant downward volatility. Reviewing the current trend, Matrixport noted that when Bitcoin broke below the 21-week moving average in the fourth quarter, it indicated that the market correction could deepen further. Although there was a temporary rebound in late December, the price quickly came under pressure and fell back after approaching the 21-week moving average, failing to regain a stable position above it. Based on this assessment, the overall structure of Bitcoin is still in a correction range. Matrixport also pointed out that a tactical rebound cannot be ruled out in the short term, but so far, no clear signals have been seen to support a new round of sustained upward movement.