Analysis: Bitcoin has entered a "mini" bear market, and its future trend will be highly dependent on the Federal Reserve's policy decisions.

A recent report from Atrixport indicates that Bitcoin has entered a "mini" bear market phase, with multiple trends and on-chain models having previously issued warning signals. The report points out that the market lacks upward momentum, ETF inflows have weakened, institutional investors have reduced their exposure, and the macroeconomic environment lacks catalysts, leading to a significant decline in Bitcoin prices. Future price movements will heavily depend on the Federal Reserve's policy decisions. The market is currently at a critical juncture, and attention should be paid to whether structural levels and macroeconomic triggers will lead to a deeper correction or a bottoming-out phase.