[Analysis: Bitcoin Breaks Long-Term Trendline, Bear Market May Persist] Matrixport pointed out in its latest report that the Federal Reserve recently announced an expected rate cut during its meeting, but forward guidance indicates significant uncertainty in future policy paths, and the market has not fully priced this in. At the same time, early signs of labor market deterioration and mixed signals from Fed Chair Powell suggest that the macroeconomic environment has undergone significant changes since the beginning of the year. The report mentions that Bitcoin has broken below a key long-term trendline for the first time since the bull market began, aligning with historical market patterns observed before midterm elections. Additionally, although the Federal Reserve's "balance sheet expansion" has drawn attention, liquidity in the crypto market remains tight, retail trading activity is insufficient, and political factors may influence market behavior more than investors expect. Matrixport believes that in such an environment, the importance of tactical positioning and risk management will increase significantly and predicts that the market consolidation or even bear market mentioned in the October 31 report may persist.