隨著宏觀不確定性和貿易戰爭的恐懼繼續影響加密和股票，比特幣（BTC）努力恢復關鍵阻力水平

隨著宏觀經濟的不確定性和貿易戰的恐懼繼續影響美國的加密和股票，比特幣正在努力恢復關鍵的抵抗水平

Bitcoin (BTC) is battling to reclaim key resistance levels as macroeconomic uncertainty and trade war fears continue to impact both crypto and equities in the U.S.

隨著宏觀經濟的不確定性和貿易戰的恐懼繼續影響美國的加密和股票，比特幣（BTC）正在爭取重新獲得關鍵阻力水平

The leading cryptocurrency has lost over 29% of its value since January, and the downtrend shows no clear signs of reversal yet. As Bitcoin struggles below key levels, investors are questioning whether the bull cycle is over or if the market is setting up for a major comeback.

自1月以來，領先的加密貨幣已經損失了其價值的29％以上，而下降趨勢還沒有明顯的逆轉跡象。隨著比特幣低於關鍵水平的鬥爭，投資者正在質疑公牛週期是否結束，或者市場是否正在為重大復出而設置。

Despite the negative sentiment, on-chain metrics suggest that demand for BTC and ETH remains strong. CryptoQuant data reveals that the current spread between the Exchange Inflow of all stablecoins on the Ethereum network and the Inflow of BTC + ETH (selling pressure) exceeds all previous peaks in coin demand.

儘管存在負面情緒，但鍊鍊指標表明對BTC和ETH的需求仍然很強。加密數據表明，以太坊網絡上所有穩定股的交換流入與BTC + ETH（銷售壓力）的流入之間的電流擴展超過了硬幣需求的所有峰值。

Historically, such trends have marked key accumulation zones before price recoveries. Notably, the highest demand for BTC and ETH was recorded near Bitcoin’s all-time high (ATH) at $101K.

從歷史上看，這種趨勢在價格回收之前已經標誌著主要的積累區。值得注意的是，對BTC和ETH的最高需求是在比特幣的歷史最高水平（ATH）附近記錄的，售價為10.1萬美元。

While uncertainty persists, this on-chain signal suggests that accumulation may be brewing, giving Bitcoin the potential to stabilize and reclaim higher price levels. The next few days will be critical in determining whether bulls can manage to regain control or if further declines are on the horizon.

儘管不確定性仍然存在，但這種鏈信號表明積累可能正在釀造，使比特幣具有穩定和收回更高價格水平的潛力。接下來的幾天對於確定公牛是否可以設法恢復控製或進一步下降即將到來至關重要。

Bitcoin Enters Bear Market Territory

比特幣進入熊市領土

Bitcoin has officially entered bear market territory, with many analysts forecasting a deeper correction as fear spreads across global financial markets. Erratic policies by U.S. President Trump, including tariffs and foreign trade decisions, have contributed to economic instability, with rising speculation about a potential recession.

比特幣已正式進入熊市領土，許多分析師預測恐懼在全球金融市場中的蔓延會更深入。美國總統特朗普的不穩定政策，包括關稅和外貿決定，促成了經濟動盪，對潛在衰退的猜測增加了。

These factors have shaken both the crypto and equity markets, leading to a continued decline in Bitcoin’s price. However, not all analysts believe that the bull cycle has come to an end.

這些因素激動了加密和股票市場，導致比特幣價格持續下降。但是，並非所有分析家都認為牛週期已經結束。

Some maintain that despite the correction, strong demand remains for BTC and ETH. Top analyst Axel Adler shared insights on X, highlighting that the current spread between the Exchange Inflow of all stablecoins on the Ethereum network and the Inflow of BTC + ETH (selling pressure) outpaces all previous peaks in coin demand.

有些人堅持認為，儘管進行了糾正，但BTC和ETH仍然有強烈的需求。頂級分析師阿克塞爾·阿德勒（Axel Adler）在X上分享了見解，強調了以太坊網絡上所有Stablecoins的交換流入與BTC + ETH（銷售壓力）的流入之間的當前擴展超過了硬幣需求中所有峰值的峰值。

As depicted in the chart above, Adler notes that similar trends have historically marked key accumulation zones, setting the stage for major price recoveries. The apex demand for BTC + ETH was observed during the period when Bitcoin approached its all-time high (ATH) of $101K.

如上圖所示，阿德勒指出，類似趨勢在歷史上標誌著關鍵的積累區，為重大價格回收奠定了基礎。在比特幣接近其歷史最高高價（ATH）101k的時期，對BTC + ETH的最高需求進行了觀察。

The chart also shows the metric’s peaks, denoted by green circles, which coincide with active periods of accumulation in the market. At present, the spread is elevated above all prior peaks and stands at a single standard deviation from the annual average levels.

該圖表還顯示了該度量的峰值，該峰值用綠色圈子表示，這與市場積累的活躍時期相吻合。目前，差距高於所有先前的峰值，並且與年平均水平的單一標準偏差。

Since September 2023, Bitcoin has displayed sustained demand growth, which is evident in the steeper slope, at an angle of roughly 45 degrees, of the range curve for this metric. If this pattern persists, it may indicate that Bitcoin is nearing the endpoint of its correction, setting the stage for a potential recovery in the upcoming months.

自2023年9月以來，比特幣表現出持續的需求增長，這在陡峭的斜率上以大約45度的角度顯示了該度量標準的範圍曲線。如果這種模式持續存在，則可能表明比特幣接近其校正的終點，為在接下來的幾個月中的潛在恢復奠定了基礎。

The Importance Of Reclaiming Key Levels

收回關鍵水平的重要性

Bitcoin is currently trading at $83,500 after losing the 200-day moving average (MA) around $84,300. The ongoing battle between bulls and bears remains fierce, with BTC struggling to reclaim a key resistance level.

比特幣在損失200天的移動平均值（MA）$ 84,300後，目前的交易價格為83,500美元。公牛與熊之間的持續戰鬥仍然激烈，BTC努力地奪回了關鍵的抵抗水平。

For a recovery scenario to take shape, Bitcoin must manage to push above the $86,000 level with strength, ultimately confirming a shift in momentum. This move would open the door for a potential retest of the $90K mark, which remains a critical psychological and technical resistance.

為了形成恢復情況，比特幣必須設法以強度的強度推高超過86,000美元的水平，最終確認了動量的轉變。這一舉動將為重新測試$ 90K的大關打開大門，這仍然是一種關鍵的心理和技術抵抗。

However, failing to reclaim $86K in the coming sessions could spell trouble for bulls. If BTC continues to struggle below this level, a drop below the $80K support zone becomes increasingly likely. A break below this level could trigger a deeper correction, potentially leading BTC into the $75K-$78K demand zone.

但是，未能在即將到來的會議上收回$ 86K可能會給公牛帶來麻煩。如果BTC繼續努力低於此水平，那麼低於$ 80K的支撐區的下降越來越有可能。低於此水平的休息可能會引發更深入的更正，可能會導致BTC進入75k- $ 78K的需求區。

For now, Bitcoin remains in a consolidation phase below key moving averages, and the lack of bullish momentum raises concerns about further downside risk. Traders and investors will closely monitor whether BTC can regain lost ground or if continued selling pressure will push prices toward lower levels. The next few days will be crucial in determining Bitcoin’s short-term trajectory.

就目前而言，比特幣仍處於關鍵移動平均值以下的整合階段，並且缺乏看漲的動力引起了人們對進一步下行風險的擔憂。貿易商和投資者將密切監視BTC是否可以恢復失落的地面，或者是否繼續銷售壓力會將價格推向較低的水平。接下來的幾天對於確定比特幣的短期軌跡至關重要。