比特幣（BTC）違反了看跌估值指標，儘管美國需求減弱了7％

CryptoQuant報導說，儘管價格上漲，比特幣的估值指標仍在看跌領域。

Bitcoin (BTC) price defied bearish valuation metrics and surged 7% in the past 24 hours despite a contraction in US demand for the cryptocurrency and overall market uncertainty.

比特幣（BTC）的價格違反了看跌估值指標，儘管美國對加密貨幣和整體市場不確定性的需求收縮了過去24小時，但在過去24小時內飆升了7％。

According to data from CoinMarketCap, Bitcoin is currently trading at $82,910, a 24-hour high of $85,108.00. This rally follows a surprising gain of over $7,000 in a single day, leaving analysts debating whether this is a short-term fake pump or a sign of renewed bullish momentum.

根據CoinMarketCap的數據，比特幣目前的交易價格為82,910美元，高達24小時高的85,108.00美元。這次集會在一天內的驚人收益超過7,000美元之後，分析師辯論這是短期的假泵還是新的看漲勢頭的跡象。

Bitcoin’s bull-bear market cycle indicator is at its most bearish level in this cycle.

比特幣的牛市市場週期指標在此週期中處於最不鐘錶水平。

On March 11, on-chain analytics platform CryptoQuant reported that Bitcoin’s valuation metrics remain in bearish territory despite the price surge.

3月11日，鍊鍊分析平台CryptoQuant報導說，儘管價格上漲，但比特幣的估值指標仍在看跌領域。

At press time, Bitcoin’s MVRV Ratio Z-score, a critical metric for determining whether Bitcoin is overvalued or undervalued, has crossed below its 365-day moving average.

發稿時，比特幣的MVRV比率z得分是確定比特幣是否被高估或被低估的關鍵指標，已越過其365天移動平均線。

Historically, this suggests that the upward price trend may have lost momentum. However, Bitcoin’s unexpected gains indicate that external market factors are influencing its price action.

從歷史上看，這表明上價趨勢可能失去了動力。但是，比特幣的意外收益表明，外部市場因素正在影響其價格行動。

Bitcoin rose amid a stabilizing US stock market on March 11, following turbulence sparked by US President Donald Trump’s refusal to rule out a potential recession.

在美國總統唐納德·特朗普（Donald Trump）拒絕排除潛在衰退的動蕩之後，比特幣在3月11日穩定的美國股票市場上升起。

Many investors had been cautious, fearing a downturn in economic growth and its impact on risk assets such as cryptocurrencies.

許多投資者一直謹慎，擔心經濟增長的低迷及其對加密貨幣等風險資產的影響。

Senator Cynthia Lummis's reintroduction of the BITCOIN Act, which proposes that the US government acquires 1 million BTC over the next five years, could be a significant factor driving Bitcoin’s gains.

參議員辛西婭·盧米斯（Cynthia Lummis）重新引入了《比特幣法》，該法案建議美國政府在未來五年內獲得100萬BTC，這可能是驅動比特幣增長的重要因素。

This legislative move has fueled optimism among crypto investors, as large-scale government adoption could significantly impact Bitcoin’s long-term valuation.

這項立法舉動激發了加密投資者的樂觀情緒，因為大規模的政府採用可能會嚴重影響比特幣的長期估值。

Many traders are skeptical about the sustainability of this rally, considering the ongoing contraction in Bitcoin demand.

考慮到比特幣需求的持續收縮，許多交易者對這次集會的可持續性持懷疑態度。

CryptoQuant reports that US-based traders decreased their demand for Bitcoin by 103,000 BTC last week, the fastest pace of contraction since July 2024.

CryptoQuant報導說，總部位於美國的交易者將對比特幣的需求減少了103,000 BTC，這是自2024年7月以來收縮的最快收縮速度。

The rapid decline in demand is attributed to macroeconomic uncertainties, including concerns over inflation and new tariffs imposed by President Trump on February 1.

需求的迅速下降歸因於宏觀經濟的不確定性，包括對通貨膨脹的擔憂和2月1日特朗普總統徵收的新關稅。

Federal Reserve Chair Jerome Powell’s statement on March 7, reiterating that the Fed is in no hurry to adjust interest rates, has further contributed to investor caution.

美聯儲主席杰羅姆·鮑威爾（Jerome Powell）於3月7日發表聲明，重申美聯儲不著急調整利率，進一步促成了投資者的謹慎。

Additionally, CryptoQuant notes that whales have slowed down their Bitcoin accumulation, and US-based spot Bitcoin ETFs have turned into net sellers of BTC.

此外，隱秘的注意到鯨魚減慢了比特幣的積累，而美國的現貨比特幣ETF已變成了BTC的淨銷售商。

These suggest that institutional demand for Bitcoin may be weakening in the short term.

這些表明，對比特幣的機構需求可能在短期內削弱。

Despite the recent price surge, Bitcoin is still down 14% over the past month. However, CryptoQuant suggests that this drawdown is not unusual in historical bull markets.

儘管最近的價格飆升，但比特幣在過去一個月中仍下降了14％。但是，加密表明，在歷史牛市中，這種縮減並不罕見。

Similar corrections have occurred before, but whether Bitcoin can sustain its gains remains uncertain.

之前已經發生了類似的更正，但是比特幣能否維持其收益仍然不確定。

Market analysts are watching Bitcoin’s key support levels between $75,000 and $78,000.

市場分析師正在觀看比特幣的主要支持水平在75,000美元至78,000美元之間。

If BTC breaks below this range, CryptoQuant warns that its next target could be as low as $63,000, a price level not seen since October 14, 2024.

如果BTC突破此範圍以下，CryptoQuant警告說，其下一個目標可能高達63,000美元，這是自2024年10月14日以來未見的價格水平。

Some industry experts, such as Swan Bitcoin CEO Cory Klippsten, remain optimistic, believing that there is a more than 50% chance of Bitcoin hitting a new all-time high before June 2025.

一些行業專家，例如天鵝比特幣首席執行官科里·克利普斯滕（Cory Klippsten），仍然樂觀，認為比特幣在2025年6月之前達到了新的歷史最高高點的機會超過50％。

Bitcoin’s current all-time high of $109,000, which it reached on January 20, remains a key psychological level for investors.

比特幣目前在1月20日達到的109,000美元的歷史最高售價仍然是投資者的關鍵心理水平。

Overall, Bitcoin’s recent rally defies bearish indicators, but uncertainties around US demand, macroeconomic conditions, and whale activity suggest caution.

總體而言，比特幣最近的集會違反了看跌指標，但圍繞美國需求，宏觀經濟狀況和鯨魚活動的不確定性表明了謹慎。

The upcoming months will be critical in determining whether Bitcoin can sustain its upward momentum or if further corrections are on the horizon.

即將到來的幾個月對於確定比特幣是否可以維持其向上的動力或進一步校正即將到來至關重要。

Investors should closely monitor macroeconomic trends, regulatory developments, and key support levels to gauge Bitcoin’s next move.

投資者應密切監視宏觀經濟趨勢，監管發展和關鍵支持水平，以評估比特幣的下一步行動。