According to TechFlow, on December 8, Matrixport released today’s chart stating, “As the December 10 FOMC meeting approaches, market sentiment is highly focused on policy signals. Although Bitcoin prices have stabilized somewhat, it is difficult to view this as the beginning of a new upward trend for now.
Option pricing currently still implies about a 5% downside risk, and funds are still hedging against pullback risks. With widespread year-end deleveraging and reduced positions, short-term rebounds are being used more as opportunities to reduce positions rather than signals to increase them.
From a seasonal perspective, market liquidity tends to tighten around Christmas, making it harder for rallies to sustain. Currently, the key support/resistance level is around $91,500. From a probability standpoint, the base case remains that volatility will continue to contract, and the likelihood of a strong breakout immediately after the FOMC is relatively limited.”
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