<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251203_162449_REWYa.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://invezz.com/wp-content/uploads/2025/12/20251203_162449_REWYa.png"/></p>
<p>比特币价格已回升至 90,000 美元区间，但交易者警告称，长仓头寸过于紧张、宏观催化因素脆弱以及 ETF 流动性混杂，可能会使今天的反弹转变为更深的回调。</p>
<p>全球最大的加密货币已成为一个对宏观经济敏感的资产，而 90,000 美元的水平可能被证明更像是一个虚假的底部，而非真正的支撑位。</p>
<p>比特币在周三跌至 89,660 美元，此前几个小时交易价格约为 92,000 美元，显示出自 11 月高峰以来加密市场的剧烈波动。</p>
<p>交易者提出的问题不是比特币是否会测试更低的水平，而是大型持有者的卖压和融资积极性的下降是否会触发连锁清算。</p>
<h2>比特币价格走势与当前反弹的脆弱性</h2>
<p>比特币近期向 90,000 美元的移动受到美联储降息的推动，但这次反弹缺乏能够表明可持续突破的结构基础。</p>
<p>在美联储宣布降息 25 个基点后，比特币在周三短暂突破 94,000 美元，重新激发了风险偏好。</p>
<p>然而，立即回落至 90,000 美元以下的迹象表明了获利了结。</p>
<p>关键技术支撑位在 88,000–89,000 美元；如果果断跌破该水平，可能会打开通往 85,000–86,000 美元的道路，之前的需求在 11 月聚集于此。</p>
<p>阻力位仍然集中在 94,600–95,000 美元之间，下一个重要障碍在 99,000–102,000 美元。</p>
<p>关键在于，融资利率，即多头在衍生品市场支付给空头的成本，仍然轻微为负，约为-0.001%，这表明杠杆交易者的信心较弱。</p>
<p>相对强弱指数（RSI）为 45，反映出中性动能，而 MACD 直方图显示买方力量减弱，警告近期动能可能不足。</p>
<p>未平仓合约上升了 0.53%，达到 581.8 亿美元，表明新资本进入市场，但 488 万美元的清算主要针对多头头寸。</p>
<h2>主要驱动因素与 ETF 问题</h2>
<p>未来的路径取决于更广泛的市场情绪和机构流动性。</p>
<p>ETF 流动性混杂。比特币现货 ETF 在 10 月录得首个净正流入周，但 12 月开局出现流出，侵蚀了月初的涨幅。</p>
<p>这种矛盾，既不是 11 月初的激进积累，也不是 10 月末的抛售，表明市场正在整合而非承诺。</p>
<p>鲸鱼转移也值得关注。每周平均有 12,000 BTC 转入交易所，接近年度高点，表明获利了结或资金轮换。</p>
<p>目前，90,000 美元是一个主张，而不是一个角落。交易者必须关注融资利率是否转为正值、现货 ETF 流入是否加速等变量。</p>
<p>没有这些催化剂，比特币在接下来的一两周内面临 88,000–86,000 美元的考验。有了这些催化剂，100,000 美元将变得可实现。</p>
<p>本文首发于 Invezz，标题为《比特币能否维持在 90K 以上，还是即将迎来更深的回调？》</p>

嘉楠科技

<p>比特币已飙升至 90,000 美元，但交易者警告，由于多头头寸过于紧张、脆弱的宏观催化因素和混合的 ETF 流入，可能会出现更深的回调。关键支撑位在 88,000–89,000 美元，阻力位在 94,600–95,000 美元。融资利率略为负值，表明杠杆交易者的信心较弱。未来的走势取决于更广泛的市场情绪和机构流入。如果没有积极的催化因素，比特币可能会测试 88,000–86,000 美元；如果有，则 100,000 美元是可以实现的</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/20251203_162449_REWYa.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/20251203_162449_REWYa.png"/></p>
<p>Bitcoin price has surged back to the $90,000 zone, but traders warn that a mix of stretched long positions, brittle macro catalysts, and mixed ETF flows could turn today’s rally into a deeper retracement.</p>
<div class="lb-trans"><p>比特币价格已回升至 90,000 美元区间，但交易者警告称，长仓头寸过于紧张、宏观催化因素脆弱以及 ETF 流动性混杂，可能会使今天的反弹转变为更深的回调。</p>
</div><p>The world’s largest cryptocurrency has become a macro-sensitive asset, and the $90,000 level may prove to be more of a false floor than a genuine support base.</p>
<div class="lb-trans"><p>全球最大的加密货币已成为一个对宏观经济敏感的资产，而 90,000 美元的水平可能被证明更像是一个虚假的底部，而非真正的支撑位。</p>
</div><p>Bitcoin dipped to $89,660 on Wednesday after trading around $92,000 hours earlier, signaling the whipsaw that has characterized crypto markets since the November peak.</p>
<div class="lb-trans"><p>比特币在周三跌至 89,660 美元，此前几个小时交易价格约为 92,000 美元，显示出自 11 月高峰以来加密市场的剧烈波动。</p>
</div><p>The question traders are asking isn’t whether Bitcoin will test lower levels; it’s whether the selling pressure from large holders and the erosion of funding positivity will trigger cascade liquidations.</p>
<div class="lb-trans"><p>交易者提出的问题不是比特币是否会测试更低的水平，而是大型持有者的卖压和融资积极性的下降是否会触发连锁清算。</p>
</div><h2>Bitcoin price action and the brittleness of the current rally</h2>
<div class="lb-trans"><h2>比特币价格走势与当前反弹的脆弱性</h2>
</div><p>Bitcoin’s recent move toward $90K was amplified by the Fed rate cut, but the rally lacks the structural foundation that would signal a sustainable breakout.</p>
<div class="lb-trans"><p>比特币近期向 90,000 美元的移动受到美联储降息的推动，但这次反弹缺乏能够表明可持续突破的结构基础。</p>
</div><p>The cryptocurrency broke above $94,000 briefly on Wednesday after the Federal Reserve delivered a 25-basis-point cut, tapping into renewed risk appetite.</p>
<div class="lb-trans"><p>在美联储宣布降息 25 个基点后，比特币在周三短暂突破 94,000 美元，重新激发了风险偏好。</p>
</div><p>However, an immediate pullback to the below $90,000 zone suggests profit-taking.</p>
<div class="lb-trans"><p>然而，立即回落至 90,000 美元以下的迹象表明了获利了结。</p>
</div><p>Key technical support sits at $88,000–$89,000; a decisive break below that level could open a path to $85,000–$86,000, where prior demand gathered in November.</p>
<div class="lb-trans"><p>关键技术支撑位在 88,000–89,000 美元；如果果断跌破该水平，可能会打开通往 85,000–86,000 美元的道路，之前的需求在 11 月聚集于此。</p>
</div><p>Resistance remains clustered around $94,600–$95,000, with the next meaningful hurdle at $99,000–$102,000.</p>
<div class="lb-trans"><p>阻力位仍然集中在 94,600–95,000 美元之间，下一个重要障碍在 99,000–102,000 美元。</p>
</div><p>What’s critical is that funding rates, the cost longs pay to shorts in derivatives markets, remain mildly negative at around -0.001 percent, signaling weak conviction among leveraged traders.</p>
<div class="lb-trans"><p>关键在于，融资利率，即多头在衍生品市场支付给空头的成本，仍然轻微为负，约为-0.001%，这表明杠杆交易者的信心较弱。</p>
</div><p>The RSI sits at 45, reflecting neutral momentum, and the MACD histogram shows decreasing buyer strength, warning that near-term momentum may not be enough.</p>
<div class="lb-trans"><p>相对强弱指数（RSI）为 45，反映出中性动能，而 MACD 直方图显示买方力量减弱，警告近期动能可能不足。</p>
</div><p>Open interest did rise 0.53% to $58.18 billion, indicating fresh capital entering the market, yet $4.88 million in liquidations targeted long positions.</p>
<div class="lb-trans"><p>未平仓合约上升了 0.53%，达到 581.8 亿美元，表明新资本进入市场，但 488 万美元的清算主要针对多头头寸。</p>
</div><h2>The main drivers and the ETF question</h2>
<div class="lb-trans"><h2>主要驱动因素与 ETF 问题</h2>
</div><p>The path forward hinges on broader market sentiment and the institutional flows.</p>
<div class="lb-trans"><p>未来的路径取决于更广泛的市场情绪和机构流动性。</p>
</div><p>ETF flows have been mixed. Bitcoin spot ETFs logged their first net-positive inflow week in October, but December opened with outflows that eroded early-month gains.</p>
<div class="lb-trans"><p>ETF 流动性混杂。比特币现货 ETF 在 10 月录得首个净正流入周，但 12 月开局出现流出，侵蚀了月初的涨幅。</p>
</div><p>That ambivalence, neither the aggressive accumulation of early November nor the capitulation selling of late October, suggests markets are consolidating rather than committing.</p>
<div class="lb-trans"><p>这种矛盾，既不是 11 月初的激进积累，也不是 10 月末的抛售，表明市场正在整合而非承诺。</p>
</div><p>Whale movements also warrant caution. Large Bitcoin transfers to exchanges have risen, with 12,000 BTC deposited weekly on average, approaching yearly highs and signaling profit-taking or capital rotation.</p>
<div class="lb-trans"><p>鲸鱼转移也值得关注。每周平均有 12,000 BTC 转入交易所，接近年度高点，表明获利了结或资金轮换。</p>
</div><p>For now, $90,000 is a claim, not a corner. Traders must watch variables like whether funding rates turn positive, whether spot ETF inflows accelerate, etc.</p>
<div class="lb-trans"><p>目前，90,000 美元是一个主张，而不是一个角落。交易者必须关注融资利率是否转为正值、现货 ETF 流入是否加速等变量。</p>
</div><p>Without these catalysts, Bitcoin faces a test of $88,000–$86,000 within the next week or two. With them, $100,000 becomes achievable.</p>
<div class="lb-trans"><p>没有这些催化剂，比特币在接下来的一两周内面临 88,000–86,000 美元的考验。有了这些催化剂，100,000 美元将变得可实现。</p>
</div><p>The post Can Bitcoin hold above $90K levels, or is a deeper pullback coming next? appeared first on Invezz</p>
<div class="lb-trans"><p>本文首发于 Invezz，标题为《比特币能否维持在 90K 以上，还是即将迎来更深的回调？》</p>
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比特币能否维持在 9 万美元以上，或者是否会出现更深的回调？