There is an interesting phenomenon in the market—those significant positive and negative news are often digested in advance.

A clue can be seen by reviewing the Federal Reserve's rate cut cycle. Each time a rate cut meeting concludes, the market remains relatively calm. The market's reaction actually occurs during the anticipation phase; by the time the rate cut is implemented, the market has already adjusted accordingly.

The recent rate hike by the Bank of Japan follows the same logic. Based on recent trends, the adjustment in BTC has basically been completed. But the real suspense lies ahead—will the Bank of Japan continue to raise interest rates? This is the key variable affecting the future market. Whether policy expectations can be stabilized will determine the next direction.