Bitcoin commenced the week under significant selling pressure, with its price declining to approximately $85,000. This downturn is largely attributed to heightened volatility in global currency markets, spurred by speculation of an impending interest rate adjustment by the Bank of Japan. Market analysts indicate that the potential for a policy shift has initiated an unwinding of the yen carry trade, a strategy where investors borrow in low-yielding currencies to invest in higher-yielding assets. This widespread deleveraging has created substantial headwinds for risk assets, including cryptocurrencies. Technical assessments now suggest that if the current bearish sentiment persists, Bitcoin could face a further retracement toward the $67,000 support zone in December. Traders are closely monitoring these macroeconomic developments alongside key on-chain metrics to gauge the strength of potential price floors during this period of market recalibration.
