[Analysis: Current Situation Closer to the End of the Economic Cycle, This Week's Macro Data Will Determine Bitcoin's Future Direction] Singapore-based crypto investment firm QCP Capital has analyzed that Bitcoin briefly fell below the critical psychological level of $90,000 this week due to heightened rate hike expectations and continued ETF outflows. The decline was exacerbated by reduced liquidity, highlighting Bitcoin's increasing sensitivity to changes in macroeconomic conditions. At this time, the market is repricing expectations for Federal Reserve policy, with the probability of a December rate cut shifting from almost certain to roughly balanced, putting pressure on Bitcoin and other duration-sensitive assets. Meanwhile, the stock market remains relatively stable due to strong corporate earnings. Following the reopening of the U.S. government, official data releases have resumed, and the market is closely watching this week's indicators, particularly labor market data and the Leading Economic Index (LEI), which incorporates the latest job vacancy data, to assess their impact on Federal Reserve decisions. The U.S. economy is exhibiting a "K-shaped" divergence, with resilient spending among high-income households and increasing pressure on low-income groups. Federal Reserve Chair Jerome Powell reiterated a cautious stance, stating that a December rate cut is not a certainty. The current situation is closer to the end of the economic cycle rather than a recession, with strong household balance sheets and resilient corporate capital expenditures providing a buffer against economic downside risks. This week's data will determine whether Bitcoin's decline is a temporary position adjustment or the beginning of a broader shift toward risk aversion.