Matrixport: Bitcoin May See Major Volatility After Fed Resolution

Matrixport released today's research note stating that the price of Bitcoin may be on the verge of major volatility. Recently, the cryptocurrency has been fluctuating in a downward channel, and although it showed signs of a rebound at one point, its upward momentum may have stalled. This comes on the eve of the Federal Reserve's interest rate resolution, with particular attention being paid to Chairman Powell's guidance on future rate cuts. Currently, a newly formed triangle pattern is exerting downward pressure on the Bitcoin price. Market focus is centered on Chairman Powell and his economic outlook, as his speech is likely to influence the market's next move. Bitcoin has increasingly evolved into a macro asset that reflects overall economic trends.