Bitcoin’s biggest enemy right now isn’t another crypto — it’s global liquidity pressure driven by central bank policy, especially from the Bank of Japan. Recent tightening signals have repeatedly lined up with sharp $BTC pullbacks, as higher rates reduce risk appetite and force leverage out of the system. When liquidity dries up, Bitcoin tends to feel it fast, regardless of strong narratives or long-term fundamentals. For now, BTC’s short-term direction looks more tied to macro decisions than on-chain activity, making upcoming central bank moves a key factor traders are watching closely.