Matrixport: Bitcoin has failed to hold the bull-bear line for two consecutive weeks, with weakened capital inflows.

On October 24, Matrixport released a market outlook stating that “the recent price movement of Bitcoin shows that the market is transitioning from a bull run phase to a consolidation phase. Although the macro environment remains supportive, including the Fed's continued easing policies and a relatively stable overall liquidity environment, several technical and structural indicators suggest a weakening in the short term. Bitcoin has fallen below its 21-week moving average for two consecutive weeks, which has traditionally been viewed as a reliable boundary between bull and bear phases. Meanwhile, on-chain liquidity growth is slowing, and the achieved market capitalization indicators also show that capital inflows are weakening. The flash crash event on October 11 highlighted these vulnerabilities—billions of dollars in liquidations triggered a chain reaction in the market. The open interest in Bitcoin contracts has decreased, long-term holders are beginning to take profits, while volatility remains low. The interaction of a stronger dollar, declining bond yields, and weak labor market data suggests that global growth momentum may slow, which is likely to lead risk assets, including Bitcoin, to maintain range-bound fluctuations until market confidence is reestablished.”