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

PANews reported on December 12th that Matrixport, in its latest report, pointed out that while the recent Federal Reserve meeting announced an expected interest rate cut, forward guidance indicates significant uncertainty regarding the future policy path, and the market has not yet fully priced in this. Meanwhile, early signs of a deteriorating labor market, coupled with mixed signals from Fed Chairman Powell, suggest that the macroeconomic environment has changed significantly since the beginning of this 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 concerns about the Federal Reserve's balance sheet expansion, 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 expect. 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 31st report may continue.