Recently, the market has seen a surge in Japan's 10-year government bond yield to the highest level since 2008, triggering risk-averse sentiment among global investors. The strengthening yen could force investors who previously relied on low-interest yen for arbitrage trades to close their positions, creating significant pressure on high-risk assets like Bitcoin.

Currently, Bitcoin's short-term target price has generally been lowered to the $70,000 level, and market sentiment is leaning towards caution. BTSE's Chief Operating Officer Jeff Mei pointed out that in the context of ongoing geopolitical and economic uncertainty, as well as the intensification of the U.S.-China tariff war, institutional investors may further reduce their holdings in cryptocurrencies. Technically, there are also clear bearish signals, and SignalPlus analysts believe that Bitcoin's recent volatility has reduced its risk-return ratio.

Overall, unless there is a significant improvement in the macro environment, such as a thaw in U.S.-China trade relations or the Federal Reserve restarting its rate-cutting cycle, Bitcoin is unlikely to regain upward momentum in the short term. $70,000 will be a key support level; if it falls below this, the market may face further pressure.