Analysis: The technical indicators show that Bitcoin may enter a consolidation period within the next 1 to 2 months.

PANews July 18 news, Matrixport released the latest investment research report indicating that Bitcoin has recently been driven into a new trading range by favourable information from U.S. policy, finance, and macro data. However, the current price is approaching the upper boundary, and technical indicators suggest that the market may enter a consolidation period in the next one to two months. The report mentions that Bitcoin has steadily risen in the past 18 months, using $16,000 as a stepping stone, with $122,000 being the next reasonable target. However, after recently reaching that point, it quickly retraced, possibly to accumulate momentum for the next trend. In addition, the technical indicators show that Bitcoin has entered the overbought zone, with the RSI surpassing 70, and multiple reversal signals showing signs of a pullback. If Bitcoin retraces to the range of 106,000 to 108,000 USD and holds steady, it is expected to relieve technical pressure and create conditions for subsequent upward movement. The report also mentions that the current market sentiment is somewhat heated, with the "Greed and Fear Index" having entered the "Greed" zone, and the risk-reward ratio tending towards neutrality, with room for growth narrowing. On the macro front, the core CPI in the United States rose less than expected, and the Federal Reserve may release signals for expectation management at the July meeting, paving the way for policy adjustments in September. Recently, the significant increase in the U.S. debt ceiling and progress on the stablecoin bill have released favourable information one after another, which has also had a short-term impact on Bitcoin prices.