Analysis: Bitcoin breaks below long-term trendline, bear market may continue.

In its latest report, Matrixport points out that while the recent Federal Reserve meeting announced an expected interest rate cut, forward guidance indicates significant uncertainty surrounding the future policy path, and the market has not yet fully priced it in. Meanwhile, early signs of a deteriorating labor market, coupled with mixed signals from Fed Chairman Powell, suggest a significant shift in the macroeconomic environment since the beginning of the year. The report notes that Bitcoin has broken below a key long-term trendline for the first time since the start of the bull market, consistent with previous market patterns before midterm elections. Furthermore, despite the Fed's "balance sheet expansion" drawing attention, liquidity in the crypto market remains tight, retail trading activity is insufficient, and political factors may have a greater impact on market behavior than investors anticipate. Matrixport believes that tactical positioning and risk management will become significantly more important in this environment, and anticipates that the market consolidation or even a bear market mentioned in the October 31 report may continue.