Two "headwinds" are hindering Bitcoin's upward momentum

The two main macroeconomic factors currently hindering Bitcoin's rise are the strengthening of the US dollar and pressure from the Bank of Japan's (BoJ) monetary policy. The USD has gained strength, with the U.S. Dollar Index rising to 105.93 from a recent level of 103.42. History shows that Bitcoin tends to perform poorly when the US dollar is strong, as this often leads to tighter global liquidity, negatively impacting risk assets like Bitcoin. Currently, the expected rate of the Fed cutting interest rates is also decreasing, further bolstering the USD.

Additionally, predictions that the BoJ may raise interest rates are also putting selling pressure on Bitcoin. The strengthening of the Yen has caused sell-off events in the past, and the recent inflation situation in Tokyo might prompt the BoJ to take similar action, creating additional barriers for Bitcoin in maintaining and surpassing the $100,000 price level. If this situation continues, Bitcoin may face significant challenges in the near future.