<p>加密市場正經歷自年初以來最黑暗的時刻。受到宏觀流動性收緊和技術性崩潰的雙重打擊，比特幣（BTC）在過去幾小時內加速下跌，日內跌幅擴大至多達 9%，甚至短暫跌破了 MicroStrategy（Strategy）持有的加權平均成本 76,037 美元——全球最大的上市加密貨幣持有者。比特幣上一次跌破這一價格水平是在 2023 年 10 月。隨着 “Saylor 槓桿” 的神話面臨重大挑戰，市場恐慌正在加劇。 “成本防禦戰” 已經開始。根據 MicroStrategy（MSTR）最新披露的財務監測數據，由於其在 2026 年初比特幣價格為 90,000 美元時的激進積累，其平均持有成本已顯著提高至 76,037 美元。在東部時間區的 1 月 31 日，BTC 價格迅速從 84,000 美元的關口崩潰，最低跌至約 75,000 美元。這意味着在這一週期內，持有約 712,600 個比特幣、價值超過 500 億美元的 MicroStrategy 賬户首次出現整體未實現損失。作為加密資產市場的 “穩定力量”，MSTR 的高貝塔槓桿效應在下跌期間愈發明顯，公司股價創下 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>流動性枯竭與拋售：去槓桿化的 “死亡踐踏”</strong></h2>
<p>分析師指出，這一暴跌並非偶然。由於流動性不足和買入需求極其有限，拋售在最近幾周顯著加速，導致比特幣的價值從之前的高點下跌超過 30%。</p>
<p>此外，宏觀經濟不確定性和高槓杆頭寸的清算加劇了下跌，展現出典型的 “強制清算” 特徵：支撐線崩潰：比特幣跌破了自 2025 年 12 月底以來維持的上升支撐趨勢線。一旦破裂，之前密集的支撐區間（82,000 – 86,000 美元）瞬間轉變為重阻力。交易量增加：與之前逐漸下跌不同，當價格達到 78,700 美元時，交易量顯著增加。這表明大量槓桿多頭頭寸在高位被強制清算，市場正在經歷嚴重的 “去槓桿化”。超賣但無法反彈：儘管日線相對強弱指數（RSI）已跌入接近 20 的深度超賣區，但市場顯示出疲弱的買入支撐，短期內沒有強勁反彈的跡象。下一站：68,000 美元的 “生死線”？在這一輪暴跌中，分析師們試圖尋找真正的 “底部”。著名交易員 James Wynn 在社交媒體平台 X 上警告稱，目前的下跌可能只是迴歸 “基線” 的開始。Wynn 指出，68,000 美元附近不僅是關鍵的 200 周移動平均線，也是 2025 年暴漲前的整合區間。回顧去年，在比特幣突破 100,000 美元之前，它經歷了數月的整合和震盪，價格在 65,000 至 72,000 美元區間形成了一個堅實的集中交易量區域。該區域代表了許多長期持有者的心理防線，如果被突破，市場信心可能引發連鎖反應的崩潰。在他最新的推文中，他表示：“比特幣最可能的落腳點是 68,000 美元（200 周移動平均線）。正如我自 120,000 美元以來一直強調的，讓這個 ‘大資本家’ 迴歸基線。從這裏開始，市場可能因恐懼、恐慌和無聊而觸發連鎖拋售——所謂的 ‘弱手’ 退出——這可能會將我們送到……50,000 美元。我認為不會低於這個水平；如果真的達到這些水平，那將是我一個絕佳的機會。無論如何，我會在每一個新低點進行定投（DCA）。這種 “瀑布式洗盤” 是宏觀經濟預期重置和過度槓桿的必然結果。對於 MicroStrategy 來説，儘管它們已進入短期未實現損失期，但其長期債務結構（大部分為固定利率長期債券）為其提供了喘息空間。然而，對於普通投資者而言，68,000 美元甚至 60,000 美元的預期重現表明，加密市場正在從 “前往 150,000 美元” 的幻覺中醒來，並重新審視其在全球宏觀經濟環境中的真實定價。</p>

<p>加密市場面臨重大挑戰，比特幣價格下跌最多達 9%，並短暫跌破 MicroStrategy 的平均持有成本 76,037 美元。分析師將此次下跌歸因於流動性問題和強制平倉，比特幣可能正朝着約 68,000 美元的關鍵支撐位邁進。市場的當前狀態反映出預期的轉變，遠離之前的高點，並表明如果關鍵支撐位被突破，可能會引發一系列的拋售。儘管面臨未實現的損失，MicroStrategy 仍保持長期的債務結構，這可能提供一定的穩定性</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>加密市場正經歷自年初以來最黑暗的時刻。受到宏觀流動性收緊和技術性崩潰的雙重打擊，比特幣（BTC）在過去幾小時內加速下跌，日內跌幅擴大至多達 9%，甚至短暫跌破了 MicroStrategy（Strategy）持有的加權平均成本 76,037 美元——全球最大的上市加密貨幣持有者。比特幣上一次跌破這一價格水平是在 2023 年 10 月。隨着 “Saylor 槓桿” 的神話面臨重大挑戰，市場恐慌正在加劇。 “成本防禦戰” 已經開始。根據 MicroStrategy（MSTR）最新披露的財務監測數據，由於其在 2026 年初比特幣價格為 90,000 美元時的激進積累，其平均持有成本已顯著提高至 76,037 美元。在東部時間區的 1 月 31 日，BTC 價格迅速從 84,000 美元的關口崩潰，最低跌至約 75,000 美元。這意味着在這一週期內，持有約 712,600 個比特幣、價值超過 500 億美元的 MicroStrategy 賬户首次出現整體未實現損失。作為加密資產市場的 “穩定力量”，MSTR 的高貝塔槓桿效應在下跌期間愈發明顯，公司股價創下 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>流動性枯竭與拋售：去槓桿化的 “死亡踐踏”</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>分析師指出，這一暴跌並非偶然。由於流動性不足和買入需求極其有限，拋售在最近幾周顯著加速，導致比特幣的價值從之前的高點下跌超過 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，宏觀經濟不確定性和高槓杆頭寸的清算加劇了下跌，展現出典型的 “強制清算” 特徵：支撐線崩潰：比特幣跌破了自 2025 年 12 月底以來維持的上升支撐趨勢線。一旦破裂，之前密集的支撐區間（82,000 – 86,000 美元）瞬間轉變為重阻力。交易量增加：與之前逐漸下跌不同，當價格達到 78,700 美元時，交易量顯著增加。這表明大量槓桿多頭頭寸在高位被強制清算，市場正在經歷嚴重的 “去槓桿化”。超賣但無法反彈：儘管日線相對強弱指數（RSI）已跌入接近 20 的深度超賣區，但市場顯示出疲弱的買入支撐，短期內沒有強勁反彈的跡象。下一站：68,000 美元的 “生死線”？在這一輪暴跌中，分析師們試圖尋找真正的 “底部”。著名交易員 James Wynn 在社交媒體平台 X 上警告稱，目前的下跌可能只是迴歸 “基線” 的開始。Wynn 指出，68,000 美元附近不僅是關鍵的 200 周移動平均線，也是 2025 年暴漲前的整合區間。回顧去年，在比特幣突破 100,000 美元之前，它經歷了數月的整合和震盪，價格在 65,000 至 72,000 美元區間形成了一個堅實的集中交易量區域。該區域代表了許多長期持有者的心理防線，如果被突破，市場信心可能引發連鎖反應的崩潰。在他最新的推文中，他表示：“比特幣最可能的落腳點是 68,000 美元（200 周移動平均線）。正如我自 120,000 美元以來一直強調的，讓這個 ‘大資本家’ 迴歸基線。從這裏開始，市場可能因恐懼、恐慌和無聊而觸發連鎖拋售——所謂的 ‘弱手’ 退出——這可能會將我們送到……50,000 美元。我認為不會低於這個水平；如果真的達到這些水平，那將是我一個絕佳的機會。無論如何，我會在每一個新低點進行定投（DCA）。這種 “瀑布式洗盤” 是宏觀經濟預期重置和過度槓桿的必然結果。對於 MicroStrategy 來説，儘管它們已進入短期未實現損失期，但其長期債務結構（大部分為固定利率長期債券）為其提供了喘息空間。然而，對於普通投資者而言，68,000 美元甚至 60,000 美元的預期重現表明，加密市場正在從 “前往 150,000 美元” 的幻覺中醒來，並重新審視其在全球宏觀經濟環境中的真實定價。</p>
</div>

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

- 加密市場出現自年初以來最暗淡時刻，比特幣一度跌至 $75,000 以下。  
- MicroStrategy 因比特幣價格下跌面臨未實現的整體虧損，其持倉成本為 $76,037。  
- 分析師警告當前下跌可能是迴歸 “基線” 的開始，$68,000 為關鍵支撐位。

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MicroStrategy 的防線被突破：比特幣是否即將跌入 60,000 美元區間？