Data: Matrixport: Bitcoin short-term stabilizes, sentiment remains cautious ahead of FOMC meeting

Matrixport released a chart today stating, "As the FOMC meeting approaches, market sentiment is highly focused on relevant policy signals. Although Bitcoin prices have stabilized, it is temporarily difficult to view this as the beginning of a new upward trend. Current option pricing still implies about a 5% downside risk, as funds continue to hedge against pullback risks. With a general trend of deleveraging and reducing positions by the end of the year, short-term rebounds are more often used as a window for reducing positions rather than a new signal for increasing positions. From a seasonal perspective, market liquidity tends to be tight around Christmas, making the sustainability of upward trends more susceptible to pressure. The current dividing line between bulls and bears is roughly at the $91,500 level. From a probabilistic standpoint, the baseline scenario remains that volatility continues to converge, and the likelihood of a strong breakout immediately after the FOMC is relatively limited."