QCP分析指出，在經歷約30%的回調後，BTC出現初步反彈跡象，美聯儲偏向鴿派的言論使12月降息預期升至75%，市場流動性或正逐步轉向。衍生品數據顯示，投資者並未放棄上行押注，年底看漲期權未平倉量仍高於看跌期權，且集中在8.5萬至20萬美元區間。與此同時，負資金費率暗示多頭槓桿已被清洗，短期下行風險有所減弱。未來數日走勢或取決於美國零售數據、核心PCE（個人消費支出物價指數）及ETF資金流的表現。

QCP's analysis points out that after experiencing a correction of approximately 30%, BTC has shown initial rebound signs. The Federal Reserve's dovish remarks have pushed the expectation of a rate cut in December to 75%, and market liquidity may be gradually shifting. Derivatives data indicates that investors have not abandoned bullish bets; the open interest of year-end call options is still higher than that of put options, concentrated in the $85,000 to $200,000 range. Meanwhile, the negative funding rate suggests that long leverage has been cleared, and short-term downside risks have weakened. The trend in the next few days may depend on the performance of U.S. retail sales data, core PCE (Personal Consumption Expenditures Price Index), and ETF fund flows.