Matrixport: Shifting global policy stance causes Bitcoin to encounter renewed resistance at $92,000.

According to a chart released today by Matrixport, Bitcoin encountered resistance again at the key $92,000 level, and its upward momentum has slowed. From a funding perspective, although the market widely expects the Federal Reserve to cut interest rates next week, related ETFs have only seen small net inflows and remain generally weak, making it difficult to support the assessment of a "significant return of institutional funds."

Meanwhile, signals of tightening monetary policy in Japan are exacerbating market anxiety: the yield on 2-year Japanese government bonds has broken through 1% for the first time since 2008, and investors are beginning to reassess whether major central banks around the world can continue to maintain a consistent pace of easing.

In this environment, even if the Federal Reserve releases dovish signals, it is difficult to offset the tightening expectations of other economies. The overall policy direction remains tight, providing institutional investors with a reason to continue to reduce their Bitcoin exposure.