Bitcoin has fallen sharply from $91,000 to $86,000, driven by two main factors: a surge in expectations for a Bank of Japan rate hike and weakening Chinese non-manufacturing PMI, which has dampened macroeconomic sentiment in Asia. Additionally, comments from Strategy CEO about potentially selling Bitcoin if stock prices fall below NAV and financing dries up have exacerbated market fears. Despite the end of quantitative tightening, an 87% probability of a December rate cut, and renewed net inflows into ETFs, Bitcoin's recent 15% rally has seen a normal pullback. The key focus now is whether it can hold above previous lows.