Last week's crypto market witnessed a sharp downtrend, with Bitcoin prices nearing 80,000 on Friday, plunging the market into extreme panic. However, following dovish remarks from the Federal Reserve, which helped stabilize the market, conditions eased over the weekend. Despite this, a wave of bearish factors remains on the horizon. Options data indicates that implied volatility (IV) did not rise significantly over the past week. This is in contrast to two weeks ago when Bitcoin fell below 100,000, and IV showed a more pronounced increase. Currently, Bitcoin's IV remains above 50% across all maturities, with short-term IV climbing to 55%. Ethereum's IV exceeds 73% across all maturities, while short-term IV remains above 80%. This confirms our earlier observation that the 100,000 psychological level holds significantly greater importance for the options market than for the futures or spot markets. Another shift is visible in the Skew. Despite last week's overall decline, the Skew has not continued its bearish bias; instead, some maturities are rebounding. Market expectations for a rebound have strengthened, primarily driven by the Fed's recent dovish comments, which have pushed rate cut expectations back above 70%. This has spurred a rebound in U.S. stocks, boosting capital markets. However, recent developments indicate diminishing support for cryptocurrencies from U.S. equities, with some institutions continuing to sell off. The DAT+ETF rally may be losing steam. Given these factors, the final month of the year is unlikely to deliver favorable market conditions. The Federal Reserve's December policy meeting will be the pivotal moment determining the market's direction.(Greeks.live)