比特幣（BTC）指標重新測試水平，該水平歷史上是看跌與看漲勢頭

鏈上的數據顯示，比特幣指標目前正在重新測試一個水平，該水平歷史上一直是看跌和看跌勢頭之間的邊界線。

Bitcoin Short-Term Holder SOPR Retests 1.0, Signaling Key Price Trend

比特幣短期持有人SOPR重新測試1.0，信號關鍵價格趨勢

A new analysis by on-chain analytics firm Glassnode highlights a crucial retest in Bitcoin's Spent Output Profit Ratio (SOPR) among short-term holders, offering insights into the prevailing market sentiment.

鏈上分析公司GlassNode的一項新分析重點介紹了短期持有人比特幣支出的產出利潤率（SOPR）的關鍵重新測試，從而對現行市場情緒提供了見解。

In a recent post on X, Glassnode discusses the significance of the SOPR, an on-chain metric that indicates whether Bitcoin investors, on average, are selling or transferring their coins at a profit or loss.

在X上最近的一篇文章中，GlassNode討論了SOPR的重要性，SOPR是一個鍊鍊指標，表明比特幣投資者平均而言是出售或轉移其硬幣以損益或損失。

When the value of this metric is above 1, it suggests that the average holder of the asset is selling at a net profit, while a value below this threshold indicates that the overall market is realizing a net loss.

當該指標的價值高於1時，它表明資產的平均持有人以淨利潤出售，而低於此門檻的價值表明整個市場正在實現淨虧損。

Specifically, the analysis focuses on the SOPR of short-term holders (STHs), defined as those who purchased their Bitcoin within the past 155 days.

具體而言，該分析的重點是短期持有人（STH）的SOPR，定義為在過去155天內購買比特幣的人。

According to Glassnode, the 7-day moving average (MA) of the Bitcoin STH SOPR has been retesting the 1 level recently.

根據GlassNode的數據，比特幣SOPR的7天移動平均線（MA）最近正在重新測試1級。

“This metric, when adjusted for time preference, highlights the price investors paid for the coins being moved, signaling whether a cohort is underwater or not,” the firm explains.

該公司解釋說：“當調整時間偏好時，該指標強調了投資者為所搬家的硬幣支付的價格，這表明了同夥是否在水下。”

“Historically, breaking above 1.0 confirms a shift in momentum, while failure to do so often leads to renewed sell pressure.”

“從歷史上看，打破1.0以上的人證實了動量的轉變，而不做這樣做常常導致賣出壓力。”

The 1 level is a critical psychological boundary for STHs, who are known to be more sensitive to price movements and market shifts.

對於STH來說，1級是一個關鍵的心理邊界，STH對價格變動和市場轉移更加敏感。

These investors, by definition, are those who entered the market recently or those who are not willing to hold their coins for extended periods, making them more susceptible to panic selloffs.

從定義上講，這些投資者是那些最近進入市場的人或那些不願持有硬幣的人長時間持有硬幣，使他們更容易受到恐慌拋售的影響。

When the STH SOPR rises to the 1 mark, it signifies that these investors, who were forced into loss-selling earlier, are able to break-even again. This can trigger a spike in selling pressure as STHs attempt to recoup their initial capital.

當STH SOPR上升到1大關時，它表示這些投資者（被迫較早銷售損失）能夠再次分手。隨著STH試圖彌補其初始資本，這可能會引發銷售壓力的激增。

The last time Bitcoin experienced a retest of this level by the indicator was in January, and as evident from the chart, it managed to achieve a breakout, albeit briefly.

比特幣上次通過指標進行了重新測試，從圖表中可以明顯看出，它已經實現了突破，儘管短暫。

It remains to be seen whether the metric will be able to cross into the profit zone this time around.

這次指標是否能夠進入利潤區，還有待觀察。

At the time of writing, Bitcoin's price is trading around $94,500, down over 2% over the past 24 hours.

在撰寫本文時，比特幣的價格在過去24小時內交易約94,500美元，下降了2％以上。