Coinbase 溢價指數跌至兩年低點，比特幣 (BTC) 面臨嚴峻考驗，接下來會發生什麼？

Coinbase 和其他交易所上的比特幣價格差異是透過 Coinbase 溢價指數來衡量的，該指數最近跌至 -0.2%，為兩年來的最低水平。

The Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase (NASDAQ:COIN) and other exchanges, has fallen to -0.2%, the lowest level in two years. This index indicates the level of institutional interest flowing through Coinbase, and the premium’s value suggests that U.S.-based trading platforms like Coinbase may be experiencing a decline.

衡量Coinbase（納斯達克股票代碼：COIN）和其他交易所上比特幣價格差異的Coinbase溢價指數已降至-0.2%，為兩年來的最低水準。該指數顯示了流經 Coinbase 的機構興趣水平，溢價值表明 Coinbase 等美國交易平台可能正在經歷下降。

This could indicate that U.S. buyers are selling more frequently compared to buyers in other regions, potentially signaling lower institutional demand in the United States. Previously, a positive Coinbase Premium was considered a indication of strong institutional buying pressure, which usually drives the price of Bitcoin up. On the other hand, a negative premium may indicate upcoming price volatility or even a downturn if the trend continues.

這可能表明，與其他地區的買家相比，美國買家的拋售頻率更高，這可能表明美國的機構需求較低。此前，Coinbase 溢價為正被認為表明機構購買壓力強勁，這通常會推動比特幣價格上漲。另一方面，負溢價可能表示即將到來的價格波動，如果趨勢持續下去，甚至可能出現下滑。

Considering that Bitcoin has seen a resurgence in recent months, this low premium may indicate a pause in the asset’s upward momentum, especially if significant institutional interest in the asset fails to return. After breaking out of the previous downtrend channel, Bitcoin found support at $65,500, and the coin is now trading near crucial levels.

考慮到比特幣近幾個月來的復甦，這種低溢價可能表明該資產的上漲勢頭暫停，特別是如果機構對該資產的興趣未能恢復的話。在突破之前的下降通道後，比特幣在 65,500 美元處找到支撐，目前該幣的交易價格接近關鍵水平。

A drop below this level could send Bitcoin down to test the $63,000 range, which marks another key support zone based on recent trading activity if selling pressure continues to build. On the upside, if buyers regain control and the Coinbase Premium turns positive, Bitcoin could eye the $72,000 level, which several analysts have identified as the next major resistance.

跌破該水平可能會導致比特幣下跌，測試 63,000 美元的區間，如果拋售壓力繼續增加，這標誌著基於近期交易活動的另一個關鍵支撐區域。從好的方面來看，如果買家重新獲得控制權並且 Coinbase 溢價轉正，比特幣可能會關注 72,000 美元的水平，一些分析師認為這是下一個主要阻力位。

While Bitcoin has shown resilience around its current price levels, a reversal in the premium index would indicate a return in institutional confidence. For now, traders should keep an eye on the support levels at $65,500 and $63,000, as a breakdown there could indicate more significant corrections.

儘管比特幣在當前價格水平上表現出彈性，但溢價指數的逆轉將表明機構信心的回歸。目前，交易者應關注 65,500 美元和 63,000 美元的支撐位，因為突破該支撐位可能預示著更重大的調整。