比特幣（BTC）從最近的更正後籃板後鞏固了$ 84,000的水平

比特幣從最近的更正反彈後，在整合階段的交易階段左右。

Bitcoin has been trading in a consolidation phase around the $84,000 level after encountering a recent correction.

在遇到最近的更正後，比特幣一直在合併階段的合併階段交易。

According to the latest data, BTC is currently priced at $84,449, showing a slight decline of 0.7% over the past 24 hours. This sideways movement comes after weeks of price volatility driven by macroeconomic uncertainty.

根據最新數據，BTC目前的價格為84,449美元，在過去24小時內略有下降0.7％。在宏觀經濟不確定性驅動的幾週價格波動之後，這種側向運動發生。

While the leading cryptocurrency has recovered from previous corrections, it has struggled to break through current resistance levels. This suggests weak buying momentum and cautious sentiment among traders in the short term.

儘管領先的加密貨幣已經從以前的校正中恢復過來，但它一直在努力突破當前的電阻水平。這表明在短期內，交易者的購買勢頭和謹慎的情緒。

According to market data, Bitcoin recently jumped to $85,000 despite the S&P 500 index dropping 5.7% in April. This 14% rebound from Bitcoin’s trade-war induced crash to $74,400 has left many traders puzzled but cautiously optimistic.

根據市場數據，儘管標準普爾500指數在4月下降了5.7％，但比特幣最近躍升至85,000美元。從比特幣的貿易戰隊引起的崩潰至74,400美元的14％反彈使許多貿易商感到困惑，但謹慎樂觀。

Short-Term Holders Under Pressure

在壓力下短期持有人

Analyzing short-term holder behavior provides important clues about Bitcoin’s market direction. According to data shared by CryptoQuant contributor CryptoMe, two key metrics stand out.

分析短期持有人行為提供了有關比特幣市場方向的重要線索。根據CryptoQuant撰稿人Cryptome共享的數據，兩個關鍵指標脫穎而出。

The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has fallen below 1.0 based on a 14-day moving average. This indicates that many short-term investors are selling Bitcoin at a loss, a pattern often associated with market capitulation phases.

短期持有人支出的產出利率（STH-SOPR）基於14天的移動平均線低於1.0。這表明許多短期投資者正在虧本出售比特幣，這種模式通常與市場投降階段有關。

While this might seem bearish in the immediate term, similar dips in STH-SOPR during past bull markets have typically presented good accumulation opportunities. These periods of loss-taking by short-term holders have historically marked temporary bottoms.

雖然這在不久的時間似乎看跌，但在過去的牛市中，STH-SOPR的類似下降通常帶來了良好的積累機會。短期持有人的這些損失時期歷史上具有明顯的臨時底部。

The second notable metric is the STH Realized Price, currently around $92,000. This represents the average cost basis for coins held by short-term investors. When Bitcoin trades below this level, as it currently does, it can signal undervaluation relative to recent buyer activity.

第二個值得注意的指標是STH實現的價格，目前約為92,000美元。這代表了短期投資者持有的硬幣的平均成本基礎。當比特幣的交易低於此水平時，相對於最近的買家活動，它可能會表明低估。

Periods when Bitcoin’s spot price dips below the realized price have often coincided with long-term accumulation zones during previous bullish cycles. However, these indicators alone don’t confirm a market bottom.

比特幣的現貨價格下跌低於實現價格的時期通常與以前的看漲週期中的長期積累區相吻合。但是，僅這些指標並不能確認市場底層。

Global Economic Factors Supporting Bitcoin

支持比特幣的全球經濟因素

Several global economic factors could potentially drive Bitcoin higher in the coming weeks.

在接下來的幾周中，幾個全球經濟因素可能會使比特幣更高。

In China, new bank loans in March rebounded more than expected to $500 billion, exceeding analyst predictions by over 20% and showing strong recovery from the previous month. The People’s Bank of China has promised to increase stimulus measures to reduce the impact of the ongoing trade war with the United States.

在中國，3月份的新銀行貸款反彈超過了5000億美元，超過了分析師的預測超過20％，並且顯示出上個月的強勁恢復。中國人民銀行已承諾將提高刺激措施，以減少正在進行的貿易戰爭的影響。

The European Central Bank has also cut interest rates for the seventh time in a year to support the eurozone economy. The ECB has lowered the cost of capital to its lowest level since late 2022. Investment banks have reduced their inflation forecasts for the region, as the tariff war could reduce the eurozone’s gross domestic product by 0.5%.

歐洲中央銀行在一年中的第七次降低了利率，以支持歐元區經濟。歐洲央行已將資本成本降低到2022年底以來的最低水平。投資銀行減少了對該地區的通貨膨脹預測，因為關稅戰爭可以將歐元區的國內生產總值降低0.5％。

These stimulus measures in major economies typically increase liquidity in financial markets, which can benefit Bitcoin and other risk assets.

這些主要經濟體的刺激措施通常會增加金融市場的流動性，這可以使比特幣和其他風險資產受益。

Adding to this is a weakening US dollar, as measured by the DXY Index, which has dropped to its lowest level in three years. A weaker dollar is often correlated with stronger Bitcoin performance.

通過DXY指數衡量，這是一筆弱的美元，該指數在三年內下降到了最低水平。較弱的美元通常與更強的比特幣性能相關。

Political pressure on the US Federal Reserve is also mounting. US President Donald Trump has publicly criticized Fed Chair Jerome Powell’s administration and called for lower interest rates. Trump even stated that Powell’s removal “cannot come fast enough.”

美國美聯儲的政治壓力也在加劇。美國總統唐納德·特朗普（Donald Trump）公開批評美聯儲主席杰羅姆·鮑威爾（Jerome Powell）的政府，並呼籲提高利率。特朗普甚至說，鮑威爾的罷免“進步不夠快”。

Despite these pressures, recent US economic data shows little reason for a more relaxed monetary policy. Initial jobless claims fell by 9,000 to 215,000 in mid-April, and Powell has described the labor market as being in “solid condition.”

儘管有這些壓力，但最近的美國經濟數據幾乎沒有理由採取更輕鬆的貨幣政策。 4月中旬，最初的失業要求下降了9,000至215,000，鮑威爾將勞動力市場描述為處於“穩固狀態”。

Bitcoin miners have demonstrated strong long-term commitment, with the network hashrate increasing by 8% compared to the previous month. This comes despite concerns that the Bitcoin halving in April 2024 would cause miners to exit the market due to lower profits.

比特幣礦工表現出了強大的長期承諾，與上個月相比，網絡的哈希拉特增加了8％。儘管擔心比特幣在2024年4月減半會導致礦工由於利潤較低而退出市場。

Miners reportedly hold almost 1.8 million BTC, and their continued commitment to the network is seen as a positive sign for Bitcoin’s long-term prospects.

據報導，礦工持有近​​180萬BTC，他們對網絡的持續承諾被視為比特幣長期前景的積極信號。

Market analysts suggest that if macroeconomic conditions improve and liquidity returns to the market, Bitcoin could resume its upward trajectory toward $90,000.

市場分析師建議，如果宏觀經濟狀況改善並回到市場，比特幣可以恢復其向上的軌跡至90,000美元。