隨著多頭喘口氣，比特幣的上漲暫停

經過短暫的調整，比特幣 (BTC) 在達到 7.37 萬美元的歷史高點後，已鞏固在 6 萬美元以上。價值數百萬美元的大型比特幣交易和錢包累積表明大量逢低買入。平均美元投資年齡指標顯示較舊硬幣的重新流通，這是看漲趨勢。利潤動態顯示在阻力點獲利回吐，長期持有者在市場波動和供應分配中發揮作用。

Bitcoin's Transient Pause Amid a Bullish Surge

比特幣在看漲浪潮中短暫暫停

After an impressive two-week uptrend, Bitcoin's bullish momentum has temporarily stalled in the market. Correcting and consolidating above $60,000, BTC retraced by 15.4% from its recent all-time high of $73.7k on March 13. It briefly dipped to a local low of $60.8k on March 20 before rebounding back to $70k.

在經歷了令人印象深刻的兩週上漲趨勢之後，比特幣的看漲勢頭在市場上暫時陷入停滯。 BTC 在 60,000 美元上方修正並盤整，從 3 月 13 日創下的近期歷史高點 73,700 美元回撤 15.4%。3 月 20 日，BTC 短暫跌至 60,800 美元的局部低點，然後反彈至 70,000 美元。

Whale Activity: A Sign of Market Sentiment

鯨魚活動：市場情緒的標誌

Data from Santiment revealed the third-largest Bitcoin transaction in the past two weeks, totaling 15,411.92 BTC. However, this transaction paled compared to two massive transactions on March 22, amounting to 87,051.03 BTC and 78,317.03 BTC, during a price dip to $63,000. The surge in on-chain transaction volume on that day suggested that significant stakeholders engaging in dip buying contributed to the market's recovery.

Santiment 的數據顯示，過去兩週的第三大比特幣交易，總計 15,411.92 BTC。然而，與 3 月 22 日的兩筆巨額交易（金額分別為 87,051.03 BTC 和 78,317.03 BTC）相比，這筆交易顯得相形見絀，當時價格跌至 63,000 美元。當天鏈上交易量的激增表明，重要利害關係人的逢低買入對市場的復甦做出了貢獻。

Analyzing the nature of wallets involved in Bitcoin transactions can be challenging, but these recent transactions seemed to align with a broader trend of wallet accumulation observed since the previous weekend.

分析參與比特幣交易的錢包的性質可能具有挑戰性，但最近的這些交易似乎與自上週末以來觀察到的錢包累積的更廣泛趨勢一致。

Market Indicators: Reflecting Investor Behavior

市場指標：反映投資人行為

Another metric drawing attention is the Mean Dollar Invested Age indicator, highlighted in pink. A decreasing trend in this indicator implies that the average age of investments is decreasing as dormant wallets bring older coins back into circulation, a characteristic often seen in cryptocurrency market bull runs.

另一個引起關注的指標是平均美元投資年齡指標，以粉紅色突出顯示。該指標的下降趨勢意味著，隨著休眠錢包將舊代幣重新投入流通，投資的平均年齡正在縮短，這是加密貨幣市場牛市中常見的特徵。

Profit Dynamics and Supply Trends: Insights into Market Movement

利潤動態與供應趨勢：洞察市場趨勢

Glassnode's report highlighted a striking similarity in price performance between the current cycle and the previous one since the ATH in April 2021, indicating that the market is in a comparable position to December 2020 relative to the 2018-2021 cycle.

Glassnode 的報告強調，當前週期與自 2021 年 4 月 ATH 以來的上一個週期的價格表現驚人相似，表明相對於 2018-2021 年周期，市場與 2020 年 12 月的情況相當。

Further analysis delves into metrics such as MVRV and the AVIV Ratio, which reached levels one standard deviation above their long-term means. Historically, such levels have been associated with resistance points where investors start to capitalize on profits.

進一步的分析深入研究了 MVRV 和 AVIV 比率等指標，這些指標達到了比長期平均值高一個標準差的水平。從歷史上看，這樣的水平一直與投資者開始獲利的阻力點有關。

During the recent market fluctuations, around 2.0 million BTC transitioned from 'in-profit' to 'in-loss' status, suggesting a considerable volume of coins exchanged at a higher cost. However, as the market rebounded to $66,500, approximately 1.0 million coins returned to 'in-profit' status. This pattern indicates significant supply clusters formed during pullbacks, accelerating on-chain coin volumes in recent months.

在近期的市場波動中，約有200萬枚BTC從“盈利”轉變為“虧損”，這表明大量的比特幣以更高的成本進行了兌換。然而，隨著市場反彈至 66,500 美元，大約 100 萬枚代幣恢復「獲利」狀態。這種模式顯示在回調期間形成了重要的供應集群，近幾個月來加速了鏈上代幣交易量。

Also, increased profit-taking activities are reflected by the market's behavior as more than $2.6 billion of realized profit was locked using on-chain spending while BTC reached its ATHs. Importantly, about 40% of the profit-taking activity was from long-term holders cashing out of GBTC Trust with the rest being attributed to short-term traders who took advantage of market momentum.

此外，市場行為也反映出獲利回吐活動的增加，當 BTC 達到最高峰值時，透過鏈上支出鎖定了超過 26 億美元的已實現利潤。重要的是，約 40% 的獲利了結活動來自長期持有者從 GBTC Trust 套現，其餘則歸因於利用市場動能的短期交易者。

Influence of Long-Term Holders: A Changing Market Paradigm

長期持有者的影響：不斷變化的市場範式

Additionally, this suggests that there has been an increasing influence of long-term holders during times of sell-side supply pressure. For instance, supply clusters over time and coin age appear similar to previous bull markets in Bitcoin, indicating a wealth transfer event with long-term holders distributing their supplies for profits amidst rising demand.

此外，這顯示在賣方供應壓力時期，長期持有者的影響力越來越大。例如，隨著時間和幣齡的變化，供應集群似乎與比特幣之前的牛市相似，這表明長期持有者在需求不斷增長的情況下分配供應以獲取利潤的財富轉移事件。

Nonetheless, recent moves in the market show a subtle interplay between short-term trading actions and long-term investment strategies. Similar patterns have been seen before during other Bitcoin cycles; these point out the evolving dynamics within cryptocurrency markets.

儘管如此，近期市場走勢顯示短期交易行為與長期投資策略之間存在微妙的相互作用。類似的模式在其他比特幣週期中也曾出現過；這些指出了加密貨幣市場不斷變化的動態。

Conclusion: A Market in Flux

結論：不斷變化的市場

Bitcoin's recent pause in momentum provides a glimpse into the complexities of the cryptocurrency market. The interplay between short-term and long-term players, as well as the impact of whale activity, underscores the dynamic nature of this burgeoning asset class. While volatility remains a constant, the underlying trends suggest that the upward trajectory of Bitcoin and the broader cryptocurrency market is far from over.

比特幣最近的勢頭暫停讓我們得以一睹加密貨幣市場的複雜性。短期和長期參與者之間的相互作用，以及鯨魚活動的影響，凸顯了這個新興資產類別的動態本質。雖然波動性仍然存在，但基本趨勢表明比特幣和更廣泛的加密貨幣市場的上升軌跡還遠未結束。