Recently, Bitcoin has been declining continuously, which is the result of multiple factors stacking up, specifically as follows:

Macroeconomic Policy Factors
Change in Federal Reserve Chair Nominee: On the evening of January 30, U.S. President Trump nominated Kevin Wirth to be the next Federal Reserve Chair. He is considered a "hawkish" figure, and the market expects that under his leadership, monetary policy will tighten, delaying interest rate cuts and possibly even raising rates. This has driven the dollar higher, prompting institutions and investors to withdraw funds from high-risk assets like Bitcoin and shift into low-risk assets such as U.S. Treasury bonds. Additionally, Wirth has publicly expressed negative views on cryptocurrencies, and his inconsistent statements have undermined investor confidence in the crypto market.
Policy Expectation Fluctuations: Previously, the market's expectation for the number of Federal Reserve rate cuts in 2026 was raised from 1 to 2. These repeated policy expectation changes have further increased market volatility. Even when the Federal Reserve announced that the benchmark interest rate would remain unchanged, it did not ease the selling pressure in the cryptocurrency market.