According to Mars Finance, on December 1, Bank of Japan Governor Kazuo Ueda released the clearest hawkish hints to date, with the market raising the probability of a rate hike by the Bank of Japan in December to 64%. The yen strengthened, and short-term Japanese government bond yields reached a new high since 2008. Influenced by expectations of Japan advancing policy normalization, global capital flows have undergone repricing, with the dollar and high-volatility assets facing pressure simultaneously. Meanwhile, the sudden diplomatic friction between the United States and Venezuela escalated, further cooling risk appetite rapidly. Against the backdrop of rising macro risk aversion, the crypto market has experienced significant fluctuations. BTC saw a sharp decline during today's Asian session, accompanied by a rapid accumulation of liquidation volume. According to the liquidation map, a high-density liquidation zone has formed around $92,300, becoming the main axis of this round of decline; after the price broke through this area, the downward momentum accelerated, consecutively touching liquidity stacking areas such as $88,300 and $86,200, and is currently still seeking support at deeper liquidity levels below. In the short-term structure, BTC has lost the previous sideways range, with clear resistance levels above located at the important liquidation bands of $90,300 and $92,300; potential support below lies at the liquidation dense areas of $86,200 and $84,300. If market sentiment continues to lean bearish, testing the large liquidity pool around $82,300 below cannot be ruled out. Bitunix analysts' view: The Bank of Japan's hawkish policy tone combined with sudden geopolitical events is driving market repricing, putting short-term selling pressure on risk assets. The structural breakdown of BTC is a typical movement of 'high-level liquidation stack being detonated at once,' and it remains to be seen whether capital can form a reabsorption in the liquidity pool below. The mid-to-short-term market still tends to oscillate downward, suggesting that structural repair and capital replenishment should be the main focus for subsequent observations.
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