比特幣（BTC）公牛正在經歷急性疲勞，因此價格仍然停留在狹窄的範圍內

儘管面臨極端壓縮，但價格仍未引發強烈的反應，這引起了對下一個價格行動的擔憂

Bitcoin bulls are experiencing acute fatigue, due to which the price has remained stuck within a narrow range, failing to achieve vital ranges despite facing extreme compression. However, the price is failing to trigger a strong reaction which raises concerns over the next price action.

比特幣公牛正在經歷急性疲勞，因此，價格仍然停留在狹窄的範圍內，儘管面臨極端壓縮，但仍未達到重要的範圍。但是，價格未能引起強烈的反應，這引起了對下一個價格行動的擔憂。

The Bitcoin price and the entire market were expected to be highly volatile during the last trading day. It was not because of the options’ expiry but because the traders were uncertain of its adverse impact that made them prepare for bullish and bearish scenarios. However, BTC prices failed to reach either of the marked levels and remained constrained within a narrow range. Although this offers short-term relief from the volatility, from a wider perspective, such sluggish Bitcoin behaviour could be worrisome!

預計比特幣的價格和整個市場在最後一個交易日將高度波動。這不是因為選擇的到期，而是因為交易者不確定其不利影響使他們為看漲和看跌的情況做準備。但是，BTC價格未能達到標記的兩個水平，並且在狹窄範圍內仍受到限制。儘管這可以從波動率中減輕短期的緩解，但從更廣泛的角度來看，這種緩慢的比特幣行為可能令人擔憂！

After facing rejection from $86,800, the traders appear to have become pessimistic, which mirrors the volume that has slashed below $20 billion. Whenever the volume plunges to such lows, the prices usually remain lethargic by maintaining a range-bound consolidation. Now the question arises: will the Bitcoin price go up or crash in 2025?

在面臨86,800美元的拒絕之後，交易者似乎變得悲觀，這反映了削減200億美元以下的數量。每當銷量下降到這樣的低點時，價格通常會通過保持範圍結合的合併來保持昏昏欲睡。現在出現問題：比特幣價格會在2025年上漲還是崩潰？

Before analyzing the price movements, let’s have a look at the factors impacting the upcoming BTC price action in 2025.

在分析價格變動之前，讓我們看看影響2025年BTC價格行動的因素。

Whale Accumulation at its Peak

鯨魚在其高峰

The recent price action of Bitcoin suggests a notable drop in the on-chain readings and also future data as well. Meanwhile, the whale accumulation remains at its peak, which suggests a substantial rise in the institutional investors.

比特幣的最新價格動作表明，鏈上讀數以及未來數據也有明顯的下降。同時，鯨魚的積累仍然處於頂峰，這表明機構投資者的大幅增加。

The data from the Glassnode suggests the BTC wallets holding over 1000 BTC have increased from 2040 to 2079 and are currently stabilized to 2077. Monitoring whale activity is extremely crucial, as they can influence the BTC price. The growing number of whales displays the growing confidence among the investors.

玻璃節數據的數據表明，擁有超過1000 BTC的BTC錢包已從2040年增加到2079年，目前已穩定到2077年。監測鯨魚活動極為重要，因為它們可能會影響BTC價格。越來越多的鯨魚表明投資者的信心越來越大。

New Investors Are On the Rise

新投資者正在上升

Apart from whales, first-time investors or new investors are also on the rise. The February 23 plunge that dragged the levels from $96,500 to $82,300 attracted huge investors to the platform. The investors appear to have utilized the buy-the-dip opportunity as it happened during the FTX collapse.

除鯨魚外，首次投資者或新投資者也在增加。 2月23日，該水平從96,500美元拖到82,300美元，吸引了大量的投資者進入了該平台。投資者似乎已經利用了在FTX崩潰期間發生的買入機會。

The above data from Cryptoquant suggests that these new investors have accumulated nearly 172,705 BTC since then. This can be considered one of the bullish signals, as it also denotes a rise in the investor’s confidence in the token.

從加密貨幣的上述數據表明，這些新投資者從那以後積累了近172,705 BTC。這可以被視為看漲的信號之一，因為它也表示投資者對代幣的信心增加。

These on-chain readings hint towards a significant rise in the confidence of whales and new investors, which is important to maintain the volatility within the markets. Besides, huge transfers of close to 3000 BTC between unknown wallets may also shake up the volatility in the coming weekend, compelling the traders to believe a huge whale movement is underway. Therefore, the upcoming weekend could be pretty important for the Bitcoin price, as a rise above the pivotal range at $84,800 may help to close the quarterly close on a bullish note above $85,000.

這些鏈閱讀暗示鯨魚和新投資者的信心顯著上升，這對於維持市場中的波動非常重要。此外，在未知錢包之間的近3000 BTC的大量轉移也可能會在即將到來的周末動搖波動，這迫使交易者相信正在進行巨大的鯨魚運動。因此，即將到來的周末對於比特幣價格來說可能非常重要，因為高於關鍵範圍（84,800美元）可能有助於關閉季度的季度收盤價，而看漲票據高於85,000美元。