[Analysis: Implied volatility declines with limited new catalysts, Bitcoin likely to consolidate in a range in December] Matrixport analyzed in today's chart that implied volatility continues to decrease, and market expectations for Bitcoin to experience another significant upward breakout before the end of the year have cooled noticeably. Against this backdrop, the upcoming Federal Reserve meeting is widely regarded as the last major event window of the year. After the meeting results are released, coupled with the approaching holiday season and the lack of new net inflows into Bitcoin ETFs, the market is more likely to return to range-bound consolidation, with directional opportunities relatively limited and volatility likely to continue declining. Options market pricing also confirms this: investors' bets on an unexpected upward move in late December are gradually converging.