隨著市場情緒的轉變

傳統上，清算被用作市場情緒和方向的衡量標準，並從比特幣（BTC）上的Bitfinex進行判斷，交易者感到很長時間的熱量

Liquidations have traditionally been used as a gauge of market sentiment and direction, and judging by the Bitcoin (BTC) trades on Bitfinex, traders are feeling the heat of a long squeeze in March 2025.

傳統上，清算被用作市場情緒和方向的衡量標準，並從比特幣（BTC）上的Bitfinex進行判斷，交易者在2025年3月感受到了長期擠壓的熱量。

According to the data Finbold retrieved from the crypto lending analytics platform Datamish on March 14, Bitfinex saw a wave of liquidations this month, with long positions taking a devastating hit.

根據3月14日從加密貸款分析平台Datamish檢索到的數據Finbold，Bitfinex本月看到了一波清算，長位置遭受了毀滅性的命中。

Specifically, out of the total of 4,226.8 BTC liquidated, 4,196.9 of those were related to long positions, a staggering 99.29%.

具體而言，在總計4,226.8 BTC的總計中，其中4,196.9個與長位置有關，驚人的99.29％。

Generally, such long and short squeezes occur when the market moves against traders who made a leveraged trade – borrowed money to set up their investment – thus rendering the collateral (margin) insufficient and forcing the closure of the position.

通常，當市場反對從事槓桿交易的交易者（借錢以進行投資）時，會發生如此長的短擠壓，從而使抵押品（利潤率）不足並迫使該職位關閉。

Why are Bitcoin long positions getting wiped in March?Examining Bitcoin’s price action in 2025 and March, the long squeeze appears to be a natural extension of the cryptocurrency market bloodbath.

為什麼比特幣長的位置在3月會被抹去？在2025年和3月檢查比特幣的價格行動，長期的擠壓似乎是加密貨幣市場血液浴缸的自然延伸。

Though BTC has been showing resilience in the $80,000 to $83,000 range, even such a support level appears somewhat underwhelming, given multiple dips, including the one toward $77,000 on March 10.

儘管BTC一直在80,000美元至83,000美元的範圍內顯示出彈性，但鑑於多次下降，即使在3月10日達到77,000美元的支持水平也有些不知所措。

Additionally, though the press time price range remains impressive when compared with historical levels, it, yet again, becomes bearish given that Bitcoin hit its all-time highs (ATH) above $109,000 as recently as January.

此外，儘管與歷史水平相比，新聞時間的價格範圍仍然令人印象深刻，但由於比特幣在最近的一月份上達到了109,000美元以上，因此它再次變得看跌。

In the last 30 days, the world’s premier cryptocurrency dropped 13.41% to its press time price of $82.596, while the March share of the drop is a more modest 3.5%. Still, the month featured substantial volatility with highs above $94,000 and lows near $77,000.

在過去的30天內，全球總理加密貨幣的新聞時間價格下降了13.41％，而三月下降的份額為3.5％。儘管如此，這個月仍有大量波動，高於94,000美元，低點接近77,000美元。

What is next for Bitcoin in 2025Despite high hopes that Bitcoin’s bullish cycle is not over, the coin has slowly been forming a pattern akin to the summer of 2024. Specifically, between June and November of the year, BTC was on a slow downtrend, continuously finding lower lows followed by lower highs.

比特幣在2025年的接下來是高希望比特幣的看漲週期還沒有結束，硬幣慢慢地形成了一種類似於2024年夏天的模式。具體來說，在今年的6月至11月之間，BTC的下降速度很緩慢，不斷地發現下部的低點較低的高高。

During the time frame and akin to the cryptocurrency’s March performance, it managed to maintain a somewhat stable level near $60,000. Such a trajectory was abruptly reversed with Donald Trump’s November re-election.

在時間範圍內，類似於加密貨幣的三月性能，它設法保持了一個穩定的水平接近60,000美元。唐納德·特朗普（Donald Trump）的11月連任突然扭轉了這樣的軌跡。

At press time, no comparable events are scheduled for the future, making the ending of the current turmoil – provided Bitcoin’s performance truly mirrors the previous summer – difficult to speculate on.

在發稿時，未來沒有安排可比較的事件，這使當前動蕩的結束 - 提供了比特幣的性能真正反映了上個夏天 - 很難推測。

Still, previous analysis, regulatory developments, institutional adoption, and historical halving cycles have left many investors optimistic that a breakout to a new high will occur in 2025.

儘管如此，先前的分析，監管發展，機構採用和歷史性的減半週期仍使許多投資者樂觀地認為，將在2025年發生新的高潮。