Analysis: Bitcoin has stabilized in the short term, but sentiment remains cautious ahead of the FOMC meeting.

Matrixport's chart today points out that with the FOMC meeting approaching on December 10th, market sentiment is highly focused on related policy signals. While Bitcoin prices have stabilized somewhat, it's difficult to consider this a new round of upward movement. Option pricing still implies approximately 5% downside, indicating that funds are still hedging against pullback risks. Given the general trend of deleveraging and reducing positions at the end of the year, short-term rebounds are more likely used as a window for reducing positions than as a new signal to add to positions.