<p>加密市场正经历自年初以来最黑暗的时刻。受到宏观流动性收紧和技术性崩溃的双重打击，比特币（BTC）在过去几小时内加速下跌，日内跌幅扩大至多达 9%，甚至短暂跌破了 MicroStrategy（Strategy）持有的加权平均成本 76,037 美元——全球最大的上市加密货币持有者。比特币上一次跌破这一价格水平是在 2023 年 10 月。随着 “Saylor 杠杆” 的神话面临重大挑战，市场恐慌正在加剧。 “成本防御战” 已经开始。根据 MicroStrategy（MSTR）最新披露的财务监测数据，由于其在 2026 年初比特币价格为 90,000 美元时的激进积累，其平均持有成本已显著提高至 76,037 美元。在东部时间区的 1 月 31 日，BTC 价格迅速从 84,000 美元的关口崩溃，最低跌至约 75,000 美元。这意味着在这一周期内，持有约 712,600 个比特币、价值超过 500 亿美元的 MicroStrategy 账户首次出现整体未实现损失。作为加密资产市场的 “稳定力量”，MSTR 的高贝塔杠杆效应在下跌期间愈发明显，公司股价创下 52 周新低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.bitpush.news/cn/20260201/176988982738357239.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://images.bitpush.news/cn/20260201/176988982738357239.png"/></p>
<h2><strong>流动性枯竭与抛售：去杠杆化的 “死亡践踏”</strong></h2>
<p>分析师指出，这一暴跌并非偶然。由于流动性不足和买入需求极其有限，抛售在最近几周显著加速，导致比特币的价值从之前的高点下跌超过 30%。</p>
<p>此外，宏观经济不确定性和高杠杆头寸的清算加剧了下跌，展现出典型的 “强制清算” 特征：支撑线崩溃：比特币跌破了自 2025 年 12 月底以来维持的上升支撑趋势线。一旦破裂，之前密集的支撑区间（82,000 – 86,000 美元）瞬间转变为重阻力。交易量增加：与之前逐渐下跌不同，当价格达到 78,700 美元时，交易量显著增加。这表明大量杠杆多头头寸在高位被强制清算，市场正在经历严重的 “去杠杆化”。超卖但无法反弹：尽管日线相对强弱指数（RSI）已跌入接近 20 的深度超卖区，但市场显示出疲弱的买入支撑，短期内没有强劲反弹的迹象。下一站：68,000 美元的 “生死线”？在这一轮暴跌中，分析师们试图寻找真正的 “底部”。著名交易员 James Wynn 在社交媒体平台 X 上警告称，目前的下跌可能只是回归 “基线” 的开始。Wynn 指出，68,000 美元附近不仅是关键的 200 周移动平均线，也是 2025 年暴涨前的整合区间。回顾去年，在比特币突破 100,000 美元之前，它经历了数月的整合和震荡，价格在 65,000 至 72,000 美元区间形成了一个坚实的集中交易量区域。该区域代表了许多长期持有者的心理防线，如果被突破，市场信心可能引发连锁反应的崩溃。在他最新的推文中，他表示：“比特币最可能的落脚点是 68,000 美元（200 周移动平均线）。正如我自 120,000 美元以来一直强调的，让这个 ‘大资本家’ 回归基线。从这里开始，市场可能因恐惧、恐慌和无聊而触发连锁抛售——所谓的 ‘弱手’ 退出——这可能会将我们送到……50,000 美元。我认为不会低于这个水平；如果真的达到这些水平，那将是我一个绝佳的机会。无论如何，我会在每一个新低点进行定投（DCA）。这种 “瀑布式洗盘” 是宏观经济预期重置和过度杠杆的必然结果。对于 MicroStrategy 来说，尽管它们已进入短期未实现损失期，但其长期债务结构（大部分为固定利率长期债券）为其提供了喘息空间。然而，对于普通投资者而言，68,000 美元甚至 60,000 美元的预期重现表明，加密市场正在从 “前往 150,000 美元” 的幻觉中醒来，并重新审视其在全球宏观经济环境中的真实定价。</p>

<p>加密市场面临重大挑战，比特币价格下跌最多达 9%，并短暂跌破 MicroStrategy 的平均持有成本 76,037 美元。分析师将此次下跌归因于流动性问题和强制平仓，比特币可能正朝着约 68,000 美元的关键支撑位迈进。市场的当前状态反映出预期的转变，远离之前的高点，并表明如果关键支撑位被突破，可能会引发一系列的抛售。尽管面临未实现的损失，MicroStrategy 仍保持长期的债务结构，这可能提供一定的稳定性</p>

<p>The crypto market is experiencing its darkest moment since the beginning of the year. Hit by both tightening macro liquidity and a technical breakdown, Bitcoin (BTC) has accelerated its decline in the past few hours, with its intraday drop widening to as much as 9%, and even briefly falling below the weighted average cost of $76,037 held by MicroStrategy (Strategy)—the world's largest publicly traded cryptocurrency holder. The last time Bitcoin fell below this price level was in October 2023. As the myth of &#34;Saylor leverage&#34; faces substantial challenges, market panic is spreading into deeper waters. The &#34;cost defense battle&#34; has begun. According to the latest financial monitoring data disclosed by MicroStrategy (MSTR), due to its aggressive accumulation of Bitcoin when it was at $90,000 in early 2026, its average holding price has been significantly increased to $76,037. On January 31st, during the midday trading session in the Eastern Time Zone, the price of BTC rapidly collapsed from the $84,000 mark, hitting a low of around $75,000. This means that for the first time this cycle, the MicroStrategy account, holding approximately 712,600 Bitcoins worth over $50 billion, experienced an overall unrealized loss. As a &#34;stabilizing force&#34; in the crypto asset market, MSTR's high beta leverage effect became increasingly apparent during the downturn, with the company's stock price hitting a 52-week low.</p>
<div class="lb-trans"><p>加密市场正经历自年初以来最黑暗的时刻。受到宏观流动性收紧和技术性崩溃的双重打击，比特币（BTC）在过去几小时内加速下跌，日内跌幅扩大至多达 9%，甚至短暂跌破了 MicroStrategy（Strategy）持有的加权平均成本 76,037 美元——全球最大的上市加密货币持有者。比特币上一次跌破这一价格水平是在 2023 年 10 月。随着 “Saylor 杠杆” 的神话面临重大挑战，市场恐慌正在加剧。 “成本防御战” 已经开始。根据 MicroStrategy（MSTR）最新披露的财务监测数据，由于其在 2026 年初比特币价格为 90,000 美元时的激进积累，其平均持有成本已显著提高至 76,037 美元。在东部时间区的 1 月 31 日，BTC 价格迅速从 84,000 美元的关口崩溃，最低跌至约 75,000 美元。这意味着在这一周期内，持有约 712,600 个比特币、价值超过 500 亿美元的 MicroStrategy 账户首次出现整体未实现损失。作为加密资产市场的 “稳定力量”，MSTR 的高贝塔杠杆效应在下跌期间愈发明显，公司股价创下 52 周新低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.bitpush.news/cn/20260201/176988982738357239.png" alt="" original-src="https://images.bitpush.news/cn/20260201/176988982738357239.png"/></p>
<h2><strong>Liquidity Depletion and Sell-Off: The &#34;Death Stomp&#34; of Deleveraging</strong></h2>
<div class="lb-trans"><h2><strong>流动性枯竭与抛售：去杠杆化的 “死亡践踏”</strong></h2>
</div><p>Analysts point out that this plunge was not accidental. With insufficient liquidity and extremely limited buying demand, the sell-off accelerated significantly in recent weeks, causing Bitcoin's value to fall by more than 30% from its previous high.</p>
<div class="lb-trans"><p>分析师指出，这一暴跌并非偶然。由于流动性不足和买入需求极其有限，抛售在最近几周显著加速，导致比特币的价值从之前的高点下跌超过 30%。</p>
</div><p>Furthermore, macroeconomic uncertainty and the liquidation of highly leveraged positions exacerbated the decline, exhibiting typical characteristics of &#34;forced liquidation&#34;: Support line collapse: Bitcoin broke below the upward support trendline that had been maintained since the end of December 2025. Once broken, the previously dense support range ($82,000 – $86,000) instantly transformed into heavy resistance. Increased trading volume: Unlike the previous gradual decline, trading volume significantly increased when the price reached $78,700. This indicates that a large number of leveraged long positions were forcibly liquidated at high levels, and the market is undergoing a severe &#34;deleveraging.&#34; Oversold but unable to rebound: Although the daily RSI has fallen into the deep oversold zone near 20, the market shows weak buying support, with no signs of a strong recovery in the short term. Next stop: The $68,000 &#34;life-or-death line&#34;? In this round of plunge, analysts are trying to find the real &#34;bottom&#34;. Renowned trader James Wynn warned on social media platform X that the current drop may only be the beginning of a return to the &#34;baseline&#34;. Wynn pointed out that the area around $68,000 is not only the key 200-week moving average, but also the consolidation zone before the surge in 2025. Looking back at last year, before Bitcoin broke through $100,000, it underwent a months-long period of consolidation and shakeout in the $65,000 to $72,000 range, forming a solid area of ​​concentrated trading volume. This area represents a psychological defense line for many long-term holders, and if it were breached, market confidence could trigger a chain reaction of collapses. In his latest tweet, he stated: &#34;The most likely landing point for Bitcoin is $68,000 (the 200-week moving average). As I've been emphasizing since $120,000, let this 'big capitalist' return to the baseline. From here, the market may trigger a chain sell-off due to fear, panic, and boredom—the so-called 'weak hands' exit—which could send us to...&#34; $50,000. I don't think it will go lower than that; if it does reach those levels, it will be a golden opportunity for me. In any case, I will dollar-cost averaging (DCA) at every new low. This &#34;waterfall washout&#34; is an inevitable result of the resetting of macroeconomic expectations and excessive leverage. For micro-strategies, although they have entered a period of unrealized losses in the short term, their long-term debt structure (mostly fixed-rate long-term bonds) provides them with a breather. However, for ordinary investors, the reappearance of expectations of $68,000 or even $60,000 indicates that the crypto market is waking up from the illusion of &#34;heading to $150,000&#34; and re-examining its true pricing in the global macroeconomic environment.</p>
<div class="lb-trans"><p>此外，宏观经济不确定性和高杠杆头寸的清算加剧了下跌，展现出典型的 “强制清算” 特征：支撑线崩溃：比特币跌破了自 2025 年 12 月底以来维持的上升支撑趋势线。一旦破裂，之前密集的支撑区间（82,000 – 86,000 美元）瞬间转变为重阻力。交易量增加：与之前逐渐下跌不同，当价格达到 78,700 美元时，交易量显著增加。这表明大量杠杆多头头寸在高位被强制清算，市场正在经历严重的 “去杠杆化”。超卖但无法反弹：尽管日线相对强弱指数（RSI）已跌入接近 20 的深度超卖区，但市场显示出疲弱的买入支撑，短期内没有强劲反弹的迹象。下一站：68,000 美元的 “生死线”？在这一轮暴跌中，分析师们试图寻找真正的 “底部”。著名交易员 James Wynn 在社交媒体平台 X 上警告称，目前的下跌可能只是回归 “基线” 的开始。Wynn 指出，68,000 美元附近不仅是关键的 200 周移动平均线，也是 2025 年暴涨前的整合区间。回顾去年，在比特币突破 100,000 美元之前，它经历了数月的整合和震荡，价格在 65,000 至 72,000 美元区间形成了一个坚实的集中交易量区域。该区域代表了许多长期持有者的心理防线，如果被突破，市场信心可能引发连锁反应的崩溃。在他最新的推文中，他表示：“比特币最可能的落脚点是 68,000 美元（200 周移动平均线）。正如我自 120,000 美元以来一直强调的，让这个 ‘大资本家’ 回归基线。从这里开始，市场可能因恐惧、恐慌和无聊而触发连锁抛售——所谓的 ‘弱手’ 退出——这可能会将我们送到……50,000 美元。我认为不会低于这个水平；如果真的达到这些水平，那将是我一个绝佳的机会。无论如何，我会在每一个新低点进行定投（DCA）。这种 “瀑布式洗盘” 是宏观经济预期重置和过度杠杆的必然结果。对于 MicroStrategy 来说，尽管它们已进入短期未实现损失期，但其长期债务结构（大部分为固定利率长期债券）为其提供了喘息空间。然而，对于普通投资者而言，68,000 美元甚至 60,000 美元的预期重现表明，加密市场正在从 “前往 150,000 美元” 的幻觉中醒来，并重新审视其在全球宏观经济环境中的真实定价。</p>
</div>

Micro-strategy defenses breached: Is Bitcoin about to slide into the 60s?

- 加密市场出现自年初以来最暗淡时刻，比特币一度跌至 $75,000 以下。  
- MicroStrategy 因比特币价格下跌面临未实现的整体亏损，其持仓成本为 $76,037。  
- 分析师警告当前下跌可能是回归 “基线” 的开始，$68,000 为关键支撑位。

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MicroStrategy 的防线被突破：比特币是否即将跌入 60,000 美元区间？