<p>比特币在经历了数周的强烈卖压后，已进入整合阶段，交易区间在 8 万美元到 8.5 万美元之间。这个阶段对多头至关重要，因为他们需要将比特币推高至 9 万美元以上，以防止价格进一步下跌。自 1 月份达到历史最高点以来，这种加密货币已经大幅下跌超过 29%，引发了对潜在熊市的猜测。交易者们保持谨慎，不确定比特币是否已经触底，或者是否会出现进一步的下跌。</p>
<p>来自 CryptoQuant 的数据表明，目前的负需求阶段暗示比特币正在分发，这种模式在历史上通常会导致暂时的修正，但并不总是意味着完全的趋势反转。需求下降约为-14 万比特币，远低于之前危机期间的流出量。尽管这种局部的卖压增加了不确定性，但分析师认为，目前的下降规模并不威胁到更广泛的牛市。接下来的几天将至关重要，因为比特币必须保持当前区间，并重新夺回关键阻力位，以确认复苏，否则如果空头继续控制市场，将面临进一步的损失风险。</p>
<p>由于宏观经济不确定性和贸易战恐惧，加密市场和美国股市都面临挑战。自本月初以来，比特币下跌近 20%，而且看跌趋势似乎可能会继续，因为市场情绪依然疲软。尽管短期前景消极，但市场基本面依然强劲。机构采用持续增长，建立战略比特币储备的计划可能成为未来价格走势的主要催化剂。许多分析师认为，尽管当前条件看跌，但并不一定意味着牛市的结束。</p>
<p>顶级分析师阿克塞尔·阿德勒支持这一观点，认为比特币的下跌是正常市场周期的一部分，而不是长期下行的开始。阿德勒指出，目前的负需求阶段表明比特币正在分发，这一趋势在历史上通常会导致暂时的修正，但并不总是意味着完全的趋势反转。需求下降约为-14 万比特币，显著低于之前危机期间的流出量。尽管当前存在局部的卖压，但这一下降并不威胁到更广泛的牛市。相反，这似乎是比特币历史最高点后的短期获利了结事件，以及对宏观经济因素的反应。</p>
<p>加剧市场不确定性的是，美联储继续维持紧缩的货币政策，而通胀数据超出预期，促使市场调整其利率预测。这增加了对风险资产的压力，包括比特币，导致进一步的波动和谨慎的投资者情绪。比特币目前交易于 84,300 美元，在经历数周的卖压后，努力恢复动能。价格现在低于 200 日指数移动平均线（EMA）85,500 美元，但仍略高于 200 日移动平均线（MA）约 84,000 美元。多头必须保持这一支撑位，并重新夺回 85,000 美元的水平，以防止进一步下跌。</p>
<p>为了确认复苏反弹，比特币需要尽快突破 85,000 美元并推高至 90,000 美元以上。重新夺回这些水平将意味着新的看涨动能，可能会逆转当前的下行趋势，并导致对更高阻力区的重新测试。然而，如果比特币未能重新夺回 200 日移动平均线和 EMA，可能会面临更强的卖压，导致价格可能跌破 80,000 美元。如果失去这一关键心理支撑，可能会引发恐慌性抛售，迫使比特币进入需求较低的区域，并延长当前的看跌阶段。在市场条件仍然不确定的情况下，多头必须迅速行动，将比特币推高至阻力位以上，以防止进一步的下行风险。接下来的几个交易时段将对比特币的短期方向至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a630ec0f2420001.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a630ec0f2420001.png"/></p>

GBTC

<p>比特币目前处于整合阶段，交易价格在 80,000 美元和 85,000 美元之间，此前从历史最高点下跌超过 29%。分析师建议，比特币必须重新夺回 85,000 美元的水平，并突破 90,000 美元，以避免进一步下跌。目前的负面需求表明比特币正在被分发，这在历史上通常会导致暂时的修正。尽管短期情绪偏向看跌，但市场基本面依然强劲，机构采用正在增长。接下来的几个交易时段对于确定比特币的走势至关重要，因为它在宏观经济不确定性中努力恢复动能</p>

<p>Bitcoin has entered a consolidation phase after weeks of intense selling pressure, trading between $80K and $85K. This phase is critical for bulls as they need to push BTC above $90K to prevent further price declines. The cryptocurrency has seen a significant drop of over 29% since reaching its all-time high in January, leading to speculation about a potential bear market. Traders are cautious, unsure whether BTC has bottomed out or if further declines are imminent.</p>
<div class="lb-trans"><p>比特币在经历了数周的强烈卖压后，已进入整合阶段，交易区间在 8 万美元到 8.5 万美元之间。这个阶段对多头至关重要，因为他们需要将比特币推高至 9 万美元以上，以防止价格进一步下跌。自 1 月份达到历史最高点以来，这种加密货币已经大幅下跌超过 29%，引发了对潜在熊市的猜测。交易者们保持谨慎，不确定比特币是否已经触底，或者是否会出现进一步的下跌。</p>
</div><p>Data from CryptoQuant indicates that the current phase of negative demand suggests BTC distribution, a pattern that historically leads to temporary corrections but does not always signal a full trend reversal. The decline in demand is approximately -140K BTC, which is significantly lower than previous crisis outflows. While this localized selling pressure adds uncertainty, analysts suggest that the scale of the current decline does not threaten the broader bull market. The coming days will be crucial as Bitcoin must hold its current range and reclaim key resistance levels to confirm a recovery or risk further losses if bears remain in control.</p>
<div class="lb-trans"><p>来自 CryptoQuant 的数据表明，目前的负需求阶段暗示比特币正在分发，这种模式在历史上通常会导致暂时的修正，但并不总是意味着完全的趋势反转。需求下降约为-14 万比特币，远低于之前危机期间的流出量。尽管这种局部的卖压增加了不确定性，但分析师认为，目前的下降规模并不威胁到更广泛的牛市。接下来的几天将至关重要，因为比特币必须保持当前区间，并重新夺回关键阻力位，以确认复苏，否则如果空头继续控制市场，将面临进一步的损失风险。</p>
</div><p>The crypto market, along with the US stock market, is facing challenges due to macroeconomic uncertainty and trade war fears. Bitcoin is down nearly 20% since the start of the month, and the bearish trend appears likely to continue as sentiment remains weak. Despite this negative short-term outlook, market fundamentals remain strong. Institutional adoption continues to grow, and plans to create a strategic Bitcoin reserve could be a major catalyst for future price action. Many analysts argue that while current conditions are bearish, they don’t necessarily signal the end of the bull market.</p>
<div class="lb-trans"><p>由于宏观经济不确定性和贸易战恐惧，加密市场和美国股市都面临挑战。自本月初以来，比特币下跌近 20%，而且看跌趋势似乎可能会继续，因为市场情绪依然疲软。尽管短期前景消极，但市场基本面依然强劲。机构采用持续增长，建立战略比特币储备的计划可能成为未来价格走势的主要催化剂。许多分析师认为，尽管当前条件看跌，但并不一定意味着牛市的结束。</p>
</div><p>Top analyst Axel Adler supports this view, suggesting that BTC’s decline is part of a normal market cycle rather than the start of a prolonged downturn. Adler notes that the current phase of negative demand indicates BTC distribution, a trend that has historically led to temporary corrections but has not always signaled a full trend reversal. The decline in demand is approximately -140K BTC, significantly less than previous crisis outflows. Despite the current localized selling pressure, this decline does not threaten the broader bull market. Instead, it appears to be a short-term profit-taking event following Bitcoin’s all-time high and a reaction to macroeconomic factors.</p>
<div class="lb-trans"><p>顶级分析师阿克塞尔·阿德勒支持这一观点，认为比特币的下跌是正常市场周期的一部分，而不是长期下行的开始。阿德勒指出，目前的负需求阶段表明比特币正在分发，这一趋势在历史上通常会导致暂时的修正，但并不总是意味着完全的趋势反转。需求下降约为-14 万比特币，显著低于之前危机期间的流出量。尽管当前存在局部的卖压，但这一下降并不威胁到更广泛的牛市。相反，这似乎是比特币历史最高点后的短期获利了结事件，以及对宏观经济因素的反应。</p>
</div><p>Adding to market uncertainty, the Federal Reserve continues to maintain tight monetary policy, while inflation data has exceeded expectations, prompting markets to adjust their rate forecasts. This has increased pressure on risk assets, including BTC, leading to further volatility and cautious investor sentiment. Bitcoin is currently trading at $84,300, struggling to regain momentum after weeks of selling pressure. The price is now below the 200-day exponential moving average (EMA) at $85,500 but remains slightly above the 200-day moving average (MA) around $84,000. Bulls must hold this support and reclaim the $85K level to prevent further downside.</p>
<div class="lb-trans"><p>加剧市场不确定性的是，美联储继续维持紧缩的货币政策，而通胀数据超出预期，促使市场调整其利率预测。这增加了对风险资产的压力，包括比特币，导致进一步的波动和谨慎的投资者情绪。比特币目前交易于 84,300 美元，在经历数周的卖压后，努力恢复动能。价格现在低于 200 日指数移动平均线（EMA）85,500 美元，但仍略高于 200 日移动平均线（MA）约 84,000 美元。多头必须保持这一支撑位，并重新夺回 85,000 美元的水平，以防止进一步下跌。</p>
</div><p>For a confirmed recovery rally, BTC needs to break through $85K and push above $90K as soon as possible. Reclaiming these levels would signal renewed bullish momentum, potentially reversing the current downtrend and leading to a retest of higher resistance zones. However, if BTC fails to reclaim the 200-day MA and EMA, it could face stronger selling pressure, leading to a possible drop below the $80K level. Losing this key psychological support would likely trigger panic selling, forcing BTC into lower demand zones and extending the current bearish phase. With market conditions still uncertain, bulls must act quickly to push BTC above resistance and prevent further downside risks. The next few trading sessions will be crucial in determining Bitcoin’s short-term direction.</p>
<div class="lb-trans"><p>为了确认复苏反弹，比特币需要尽快突破 85,000 美元并推高至 90,000 美元以上。重新夺回这些水平将意味着新的看涨动能，可能会逆转当前的下行趋势，并导致对更高阻力区的重新测试。然而，如果比特币未能重新夺回 200 日移动平均线和 EMA，可能会面临更强的卖压，导致价格可能跌破 80,000 美元。如果失去这一关键心理支撑，可能会引发恐慌性抛售，迫使比特币进入需求较低的区域，并延长当前的看跌阶段。在市场条件仍然不确定的情况下，多头必须迅速行动，将比特币推高至阻力位以上，以防止进一步的下行风险。接下来的几个交易时段将对比特币的短期方向至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a630ec0f2420001.png" alt="" original-src="https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a630ec0f2420001.png"/></p>

比特币面临关键考验，价格维持在 85,000 美元以下