<p>比特幣市場在經歷了 10 月和 11 月的長期價格修正後，正逐漸出現趨勢反轉。然而，最近的鏈上數據揭示了比特幣看漲結構周圍令人擔憂的趨勢。</p>
<p><strong>比特幣 IFP 指標暗示市場已達到轉折點</strong></p>
<p>儘管近期價格有所回升，流行分析頁面 Arab Chain 對比特幣市場發出了警示性見解。在比特幣從其歷史最高點 126,000 美元下跌 36.5% 後，市場領導者最近經歷了顯著反彈，從 80,000 美元上漲至過去三週的最高 94,000 美元。</p>
<p>然而，比特幣交易所間流動脈衝（IFP）的數據表明，價格上漲的動能可能是短暫的。為了提供背景，比特幣 IFP 衡量的是在特定時間段內比特幣在交易所之間的淨流動。Arab Chain 解釋説，IFP 指標在跌破其 90 日移動平均線（MA）後繼續呈下降趨勢，這表明市場參與度減弱，交易所之間的 “看漲” 流動減少。</p>
<p>此外，IFP 也處於紅色區域，這在歷史上通常與修正期或弱結構動能相吻合或先於這些情況，這可能預示着更廣泛的下行趨勢。綜合來看，這些發展暗示比特幣市場正處於一個關鍵的交匯點，因為交易所流動性減少，這在歷史上曾支持過價格在過去市場階段的上漲。</p>
<p><strong>看漲行情結束了嗎？</strong></p>
<p>在 IFP 指標所強調的結構性弱點中，Arab Chain 還指出，當前價格相較於類似情況下的歷史水平仍然相對較高。分析師解釋説，這表明價格和流入暫時相互獨立。根據歷史數據，這種脱節通常表明價格將經歷長期的整合或顯著的橫盤整理，直到交易所間的流動能夠重新確立市場主導地位。</p>
<p>因此，比特幣的看漲結構並未崩潰為看跌狀態。然而，IFP 指標的發展表明，由於交易所間流動的結構性放緩，短期內可能不會有持續的上漲。此外，價格可能對市場流動性的變化變得敏感。因此，也存在再次修正的重大潛力。</p>
<p>截至發稿時，比特幣交易價格為 90,338 美元，反映出過去 24 小時下降了 1.82%。與此同時，日交易量上漲了 34.64%，達 826.8 億美元。根據 Arab Chain 的説法，只有當 IFP 成功重新奪回其 90 日 MA 時，持續的價格反彈才會發生，從而發出看漲交易流動增加的信號。</p>

BLSH

GBTC

<p>比特幣的看漲結構正在減弱，因為交易所間流動脈衝（IFP）指標呈下降趨勢，這表明市場參與度降低，可能會出現修正。儘管近期價格有所回升，但 IFP 仍處於紅色區域，表明可能會出現長期的整固或橫盤走勢。比特幣當前交易價格為 90,338 美元，24 小時內下跌 1.82%。持續的上漲走勢依賴於 IFP 重新回到其 90 日移動平均線之上</p>

<p>The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction between October and November. However, recent on-chain data reveals a concerning trend around BTC’s bullish structure.</p>
<div class="lb-trans"><p>比特幣市場在經歷了 10 月和 11 月的長期價格修正後，正逐漸出現趨勢反轉。然而，最近的鏈上數據揭示了比特幣看漲結構周圍令人擔憂的趨勢。</p>
</div><p><strong>Bitcoin IFP Indicator Suggests Market Has Reached Turning Point</strong></p>
<div class="lb-trans"><p><strong>比特幣 IFP 指標暗示市場已達到轉折點</strong></p>
</div><p>Popular analytics page Arab Chain has shared a cautionary insight on the Bitcoin market despite the moderate price recovery in recent weeks. After Bitcoin suffered a 36.5% correction from its all-time high at $126,000, the market leader has lately experienced a significant rebound, rising from $80,000 to as high as $94,000 in the past three weeks.</p>
<div class="lb-trans"><p>儘管近期價格有所回升，流行分析頁面 Arab Chain 對比特幣市場發出了警示性見解。在比特幣從其歷史最高點 126,000 美元下跌 36.5% 後，市場領導者最近經歷了顯著反彈，從 80,000 美元上漲至過去三週的最高 94,000 美元。</p>
</div><p>However, data from the Bitcoin Inter-Exchange Flow Pulse (IFP) suggests the upward price momentum might be short-lived. For perspective, the Bitcoin IFP measures the net movement of Bitcoin between exchanges over a given period. Arab Chain explains the IFP indicator continues to trend downward, after breaking below its 90-day moving average (MA), suggesting a weakening market participation amid fewer “bullish” flows between exchanges.</p>
<div class="lb-trans"><p>然而，比特幣交易所間流動脈衝（IFP）的數據表明，價格上漲的動能可能是短暫的。為了提供背景，比特幣 IFP 衡量的是在特定時間段內比特幣在交易所之間的淨流動。Arab Chain 解釋説，IFP 指標在跌破其 90 日移動平均線（MA）後繼續呈下降趨勢，這表明市場參與度減弱，交易所之間的 “看漲” 流動減少。</p>
</div><p>Furthermore, the IFP also sits in the red zone, which historically coincides with or precedes a correction period or weak structural momentum that could precede a broader downtrend. Combined, these developments imply the Bitcoin market is at a critical junction, as there is a reduction in exchange flows that has historically supported the price rallies in past market phases.</p>
<div class="lb-trans"><p>此外，IFP 也處於紅色區域，這在歷史上通常與修正期或弱結構動能相吻合或先於這些情況，這可能預示着更廣泛的下行趨勢。綜合來看，這些發展暗示比特幣市場正處於一個關鍵的交匯點，因為交易所流動性減少，這在歷史上曾支持過價格在過去市場階段的上漲。</p>
</div><p><strong>Is The Bullish Run Over?</strong></p>
<div class="lb-trans"><p><strong>看漲行情結束了嗎？</strong></p>
</div><p>Amidst the structural weakness highlighted by the IFP indicator, Arab Chain also noted that the price remains relatively high compared to previous levels in similar situations. The analysts explain that this suggests price and inflows are temporarily moving irrespective of each other. Based on historical data, such detachments usually indicate a prolonged price consolidation or a significant period of extended sideways movement until inter-exchange flows can reestablish market dominance.</p>
<div class="lb-trans"><p>在 IFP 指標所強調的結構性弱點中，Arab Chain 還指出，當前價格相較於類似情況下的歷史水平仍然相對較高。分析師解釋説，這表明價格和流入暫時相互獨立。根據歷史數據，這種脱節通常表明價格將經歷長期的整合或顯著的橫盤整理，直到交易所間的流動能夠重新確立市場主導地位。</p>
</div><p>Therefore, the Bitcoin bullish structure is not collapsing into a bearish state. However, the IFP metric developments suggest there may not be sustained upward movement in the short term due to the structural slowdown in inter-exchange flows. Moreover, price is likely to become sensitive to changes in the market liquidity. Therefore, there is also significant potential for another correction.</p>
<div class="lb-trans"><p>因此，比特幣的看漲結構並未崩潰為看跌狀態。然而，IFP 指標的發展表明，由於交易所間流動的結構性放緩，短期內可能不會有持續的上漲。此外，價格可能對市場流動性的變化變得敏感。因此，也存在再次修正的重大潛力。</p>
</div><p>At press time, Bitcoin trades at $90,338, reflecting a 1.82% decline in the past 24 hours. Meanwhile, daily trading volume is up by 34.64% and valued at $82.68 billion. According to Arab Chain, a continuous price rebound will only occur if the IFP successfully reclaims its 90-day MA, thereby signaling an increase in bullish exchange flows.</p>
<div class="lb-trans"><p>截至發稿時，比特幣交易價格為 90,338 美元，反映出過去 24 小時下降了 1.82%。與此同時，日交易量上漲了 34.64%，達 826.8 億美元。根據 Arab Chain 的説法，只有當 IFP 成功重新奪回其 90 日 MA 時，持續的價格反彈才會發生，從而發出看漲交易流動增加的信號。</p>
</div>

比特幣的看漲結構正在減弱，因為交易所間流動性觸及警戒區域——詳情