Bitcoin surged to $92,000 before an immediate brake; who is behind the scenes with the knife this time?

Today, the market is directly stunned: Bitcoin is straining to rush towards $92,000, but it ends up stuck at the threshold—don't be quick to blame the manipulators, this round of impact is the result of internal and external pressure.

Let's first talk about the internal situation. The Federal Reserve lowering interest rates? Sounds nice, but it's actually just a pie in the sky. The market was originally hoping that a rate cut next week would bring in incremental funds, but in the end, only a small amount of money from Bitcoin ETFs has entered the market, making the funding situation pitifully thin. Institutions haven't really made any serious moves; the so-called "benefit of rate cuts" is entirely wishful thinking.

What's worse is that Japan suddenly turned hostile. In the past two days, Japan has signaled a tightening of monetary policy, with the 2-year government bond yield breaking through 1%—the first time since the 2008 financial crisis! Global liquidity has tightened instantly: will other countries not follow suit with easing? The previously anticipated "easing cycle" has been completely thrown off rhythm.

Putting two things together, even if the Federal Reserve really lowers interest rates, it would be in vain—other central banks are hitting the brakes, and the entire environment is dominated by the word "tight." Institutions are just taking advantage of this: clearing positions amid this wave of panic, why not?

Ultimately, today's round of declines is a combination of "expectations falling short + external surprise": the sugar from interest rate cuts hasn't been tasted yet, and we were first hit by a warning from the Bank of Japan.

Do you think this pullback will directly smash Bitcoin back below 80,000?