比特幣 (BTC) 在 10 萬美元大關面臨嚴重拒絕，加密貨幣行業最大規模的清算事件加劇了對多頭擠壓的擔憂

比特幣 (BTC) 本週在 10 萬美元大關遭遇嚴重拒絕，其價格在 98,000 美元附近徘徊

Bitcoin (BTC) price action faced a critical rejection at the $100,000 mark this week, leaving its price stuck in a holding pattern in the sub-$98,000 after hitting a multi-year high. The failed breakout sparked significant volatility in the crypto markets.

比特幣 (BTC) 價格走勢本週在 10 萬美元大關遭遇嚴重拒絕，使其價格在觸及多年高點後陷入 98,000 美元以下的堅守格局。失敗的突破引發了加密貨幣市場的大幅波動。

According to data, over $495 million was liquidated in 24 hours, marking the crypto sector’s largest liquidation event. This stoked fears of a potential long squeeze.

數據顯示，24小時內清算金額超4.95億美元，這是加密貨幣領域最大規模的清算事件。這引發了人們對可能出現多頭擠壓的擔憂。

Bitcoin Liquidations, Long Squeeze Risk

比特幣清算，多頭擠壓風險

Recent data points toward a troubling scenario for Bitcoin traders. Since November 23, liquidations have amounted to nearly $144 million, with $98 million attributed to long positions and $46 million to shorts. These liquidations indicate overleveraged long traders who bet aggressively on Bitcoin breaching the $100,000 price point.

最近的數據顯示比特幣交易者面臨著令人不安的情況。自 11 月 23 日以來，清算金額已接近 1.44 億美元，其中 9,800 萬美元屬於多頭頭寸，4,600 萬美元屬於空頭部位。這些清算顯示槓桿過高的多頭交易者大舉押注比特幣突破 10 萬美元的價格點。

This aggressive unwinding of long positions carries the risk of triggering a long squeeze. A long squeeze occurs when traders holding long positions are forced to sell their assets due to margin calls or stop-loss triggers. This amplifies selling pressure, creating a cascading effect that drives prices lower.

這種多頭頭寸的激進平倉可能會引發多頭擠壓的風險。當持有多頭部位的交易者因追加保證金或止損觸發而被迫出售其資產時，就會發生多頭擠壓。這放大了拋售壓力，產生連鎖效應，壓低價格。

However, with Bitcoin’s funding rate declining—indicating reduced demand for leveraged longs—the threat of such a scenario seems to be diminishing. Flattening open interest (OI) further suggests a lack of new capital entering the market, highlighting traders’ caution.

然而，隨著比特幣融資利率的下降（顯示對槓桿多頭的需求減少），這種情況的威脅似乎正在減弱。未平倉合約（OI）趨平進一步顯示缺乏新資本進入市場，凸顯了交易者的謹慎態度。

Moreover, Bitcoin’s inability to sustain bullish momentum has dented market optimism. The charts show a significant dip in OI-weighted funding rates, correlating with Bitcoin’s retracement from its highs. Historically, such conditions have either preceded extended consolidation or deeper corrections.

此外，比特幣無法維持看漲勢頭，削弱了市場的樂觀情緒。圖表顯示，OI 加權融資利率大幅下降，與比特幣從高點回撤有關。從歷史上看，這種情況要不是先於長期盤整，就是先於更深層的調整。

Bitcoin Price Action Cooling Off

比特幣價格走勢降溫

The minuscule daily candle that the BTC/USD pair has formed on Nov. 25 shows the declining excitement of market participants. The bullish cues driving Bitcoin prices, including the Trump election win and Gensler exit, seem to have been priced in by the market.

BTC/USD 貨幣對在 11 月 25 日形成的日線小蠟燭顯示出市場參與者的興奮度正在下降。推動比特幣價格上漲的看漲訊號，包括川普當選和詹斯勒退出，似乎已被市場消化。

Bitcoin’s price could drop to find support near $88,700 if the rally corrects. Furthermore, breaching the immediate support might force BTC’s price to test support near $73,600.

如果反彈修正，比特幣的價格可能會下跌至 88,700 美元附近找到支撐。此外，突破即時支撐位可能會迫使 BTC 價格測試 73,600 美元附近的支撐位。

On the other hand, a break above $100,000 could give Bitcoin’s price the impetus to rally to the resistance near $110,500. Breaking and consolidating above the immediate resistance might help the token rally to the resistance near $126,000 before pulling back. The consolidation phase could last till 2025 unless BTC finds some new cues to fuel its bull run.

另一方面，突破 100,000 美元可能會推動比特幣價格反彈至 110,500 美元附近的阻力位。突破並鞏固於直接阻力位之上可能有助於代幣反彈至 126,000 美元附近的阻力位，然後再回調。除非 BTC 找到一些新的線索來推動牛市，否則整合階段可能會持續到 2025 年。

The relative strength index for Bitcoin continued to be overbought, with a score of 78.19 on the daily charts. The overbought RSI levels add to the bearish cues against Bitcoin, strengthening the correction narrative.

比特幣的相對強度指數繼續超買，日線圖得分為78.19。超買的 RSI 水準增加了對比特幣的看跌暗示，強化了修正的敘述。