Analysis: BTC breaks $112K confirms bearish outlook, warns of further weakness

In a recent update on X, crypto services provider Matrixport reported that Bitcoin (BTC) has dropped below the key $112,000 support level it maintained for several weeks, signaling increasing bearish sentiment. The firm cited typical August seasonality and renewed macroeconomic uncertainty following weaker U.S. labor data, drawing parallels to last year’s surprise Federal Reserve rate cut. With two cuts now priced in and the first likely in September, Matrixport expects continued pressure on risk assets until economic recovery becomes more evident.