Japan's interest rate hike is the biggest factor in this decline, and it could be the last major event in the financial sector this year. Historical data shows that when Japan raises interest rates, Bitcoin holders suffer as well.

Japan's First Interest Rate Hike on March 19, 2024, the Bank of Japan raised the interest rate from -0.1% to a range of 0%-0.1%. This is Japan's first rate hike since 2007, ending an eight-year era of negative interest rates. The first rate hike caused Bitcoin to plummet from a recent high of 72800 to 63000, a drop of 12.5%, and then it continued to decline for a month, reaching a low of 59000. After that, it fluctuated widely for two months before prices rose again to near a new high. On July 31, 2024, there was another rate hike, with a weekly drop of 15%.
In two days, on December 19, 2025, if Japan raises interest rates again, the market may test the bottom once more and then start wide fluctuations. If Trump does not perform well, there is no hope before the Spring Festival.