Bitcoin market trends have recently been significantly affected by macro factors. According to market forecast data, the probability that the Federal Reserve will keep interest rates unchanged in January next year is as high as 85.1%—which means the wave of rate cuts may temporarily pause.

However, it is important to note that the situation in March could be different. The market predicts a 45.2% chance of a cumulative 25 basis point rate cut, indicating that there is still a possibility of policy shifts in the future.

This policy uncertainty is actually a double-edged sword for the crypto space. On one hand, maintaining high interest rates will continue to pressure risk assets; on the other hand, once rate cut expectations reignite, the rebound could be quite strong. The current macro environment is becoming more stable, providing space for the crypto market to adjust and accumulate.

In the short term, it is recommended to closely monitor the Federal Reserve's movements and non-farm payroll data, as these could trigger the next wave of Bitcoin's price movement.