The expert team at Matrixport highlights that the current Bitcoin price is in an oversold state, a crucial market signal indicating that prices may have bottomed out and could see a rebound. This trend aligns with historical data, typically following a period of price decline to oversold levels, which is often followed by an upward trend. Notably, the upcoming release of US inflation data may provide a boost to the market, potentially pushing Bitcoin prices higher. However, the report cautions investors that trading volumes and liquidity tend to be lower in August, which may result in a challenging market environment. Therefore, investors should closely monitor market dynamics, particularly when the Relative Strength Index (RSI) approaches 30%, which can be a key indicator for identifying buying opportunities. Historical data from June 2024 has shown similar market conditions, providing valuable insights for investors.