Key bearish macro drivers currently priced in by markets:

Bank of Japan (BoJ) interest rate hike imminent: global macro sources show markets are pricing in a BoJ rate hike expected December 19th to ~0.75% — the highest in ~30 years, tightening liquidity.

Analysts see potential for a sizeable BTC drop: some macro analysts warn that historically each BoJ hike has coincided with 20-30% BTC drawdowns, with downside targets below $70K if the pattern repeats.

Risk-off sentiment in crypto: broad crypto selloffs and risk-off flows are mentioned in multiple market summaries as BTC dips below $90K.

Macro risk appetite weakening: the general tone in markets is cautious “risk-off,” which usually hurts high-beta assets like Bitcoin.

Neutral/offsetting factors (less immediate but relevant):

No major bullish catalysts in the latest news cycle yet (ETF inflows, institutional adoption forecasts, long-term fundamentals are older/medium-term themes).

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