[Analysis: Bitcoin stabilizes in the short term, sentiment remains cautious ahead of the FOMC meeting] Matrixport pointed out in today's chart that as the December 10 FOMC meeting approaches, market sentiment is highly focused on relevant policy signals. Although Bitcoin's price has somewhat stabilized, it is difficult to consider this as the start of a new upward trend for now. Current options pricing still implies approximately 5% downside risk, and funds are continuing to hedge against potential pullbacks. Amid the year-end trend of widespread deleveraging and position reductions, short-term rebounds are more often used as opportunities to reduce positions rather than signals for new entries. From a seasonal perspective, market liquidity tends to tighten around Christmas, which can suppress the sustainability of upward trends. The current key level dividing bullish and bearish sentiment is roughly at the $91,500 mark. From a probabilistic standpoint, the baseline scenario remains one of continued volatility compression, with the likelihood of a strong breakout directly following the FOMC meeting being relatively limited.