Analysis: The overall downward trend of BTC has not yet reversed, and key cost levels are facing a test.

A recent report from Matrixport indicates that Bitcoin is at a crossroads of sentiment, positioning, and policy, with the price below a key resistance level. On-chain cost metrics are being tested, and there is a risk of misjudging expectations of a Fed rate cut. A bullish hammer candlestick pattern has appeared, but the downtrend has not been reversed.