In the early session, BTC dropped directly to around 87, and the support level predicted last night was tested so quickly.

The market is looking for reasons: some say it is due to fluctuations in regional policies, but I think the impact is not that significant; what is more critical may be the hawkish signals released by the Bank of Japan's governor, which have heightened expectations for interest rate hikes. The US stock index futures are also falling in sync.

Once the yen raises interest rates and the interest rate differential between the US and Japan narrows, those funds relying on carry trades will have to withdraw in advance. This logic has been mentioned repeatedly before — when borrowing costs rise, leveraged games naturally become unplayable, and risk assets are the first to be affected.