Affected by the significant rise in Japanese government bond yields, the price of Bitcoin fell below $87,500, leading to noticeable fluctuations in global financial markets. The yields on Japan's 2-year and 10-year government bonds both reached their highest levels in nearly 17 years, intensifying market expectations that the Bank of Japan (BOJ) may raise interest rates. Japan, which has maintained ultra-low interest rates for a long time, is signaling a shift in monetary policy, causing investors' risk appetite to decline rapidly.
The surge in yields has strengthened the yen and triggered a rapid withdrawal of 'yen carry trades' globally. For a long time, investors borrowed yen at ultra-low costs to invest in high-risk global markets for profit, but when borrowing costs rise, these positions are quickly liquidated, leading to a concentrated sell-off of risk assets. As a result, Bitcoin rapidly declined to the $86,000–$87,000 range during the Asian trading session, triggering a large number of forced liquidations of leveraged positions.
Despite the long-term trend of Bitcoin remaining upward, this correction highlights the cryptocurrency market's high sensitivity to the global macro environment. Analysts point out that in the short term, $86,000 is a key support level, and if it can regain $90,000, market sentiment is expected to recover. However, with the Bank of Japan's next policy meeting approaching, the market generally anticipates that volatility will continue to increase. As Japanese financial policy enters a new phase, its impact on global liquidity and risk appetite becomes increasingly apparent, while Bitcoin is directly bearing the pressure brought about by this macro change.
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