Matrixport: Bitcoin continues its downward trend; market sentiment is cautious.

[Matrixport: Bitcoin Continues Downward Trend, Market Sentiment Cautious] According to Mars Finance, Matrixport released its latest weekly report, stating that Bitcoin has been declining since mid-October 2025, with market sentiment becoming more cautious. With the resurgence of the "four-year cycle" narrative, most traders expect Bitcoin to remain under pressure in 2026. Key Observations: Bitcoin has been under pressure in recent months amid converging volatility, deleveraging, and a lack of risk appetite. Market positioning has changed, as seen in derivatives, ETFs, and technical indicators. The largest Bitcoin options expiring in history is approaching, and strike price distribution is becoming an important indicator of market pressure and opportunity. Market Outlook: Markets typically tend to be conservative at the end of the year, with risk appetite declining. Entering the new year, market sentiment may accelerate its reversal as funds reallocate and risk budgets recover. Technical structures show a marginal slowdown in downward momentum, but an upward consensus has not yet formed. The market may shift from a "downside risk prevails" to a "downside limited, upside still needs catalysts" phase. Current Bitcoin prices and weekly stochastic indicators suggest that the market may have entered oversold territory, with the stochastic indicator having fallen to 17%.