比特幣[BTC]失去動力，從2025年第1季度的109k $ 109k下降到84,000美元

在2025年第1季度，比特幣[BTC]失去了動力，從$ 109K跌至84,000美元。根據加密分析師的預測，這可能意味著可能更長的看跌趨勢。

Bitcoin [BTC] lost momentum and dropped by 23% to $84k from $109k in Q1 of 2025, which could mean a likely longer bearish trend according to CryptoQuant analysts.

比特幣[BTC]失去了動力，從2025年第1季度的109K $ 109K下降到84,000美元，這可能意味著可能更長的看跌趨勢。

The Bitcoin bull score index (BBSI) fell to a 2-year low, highlighting weak market momentum across the board, as noted by the analysts in its weekly report.

分析師在每週的報告中指出，比特幣公牛得分指數（BBSI）跌至2年的低點，全面強調了市場勢頭。

“Currently, the index stands at 20—the lowest since January 2023—market conditions are weak, raising concerns that the recent price drop could be part of a broader bearish trend rather than a short-term correction.”

“目前，該指數為2023年1月以來最低的市場條件是薄弱的，這引起了人們的擔憂，即最近的價格下跌可能是更廣泛的看跌趨勢的一部分，而不是短期校正。”

The index ranges from 0 to 100 and it tracks bullish signs like network activity, demand, and liquidity.

指數範圍從0到100，它跟踪了看漲的標誌，例如網絡活動，需求和流動性。

Higher values would be deemed bullish, while lower readings would show bearish conditions. The BBSI reading of 20 mirrored the weak conditions seen in 2022 and early 2023.

較高的值將被視為看漲，而較低的讀數將顯示出看跌條件。 BBSI讀數20反映了2022年和2023年初所看到的弱條件。

The analysts added that other key on-chain signals, apart from stablecoin liquidity, have been bearish since mid-February.

分析人士補充說，自2月中旬以來，除了Stablecoin流動性外，其他關鍵的鍊鍊信號除外。

The most distressed group of investors includes STH (short-term holders), who have held BTC for 6 months or less. The group saw a record loss of $7 billion in the last 30 days, according to Glassnode. However, the analytics firm noted that losses remained within the historical levels seen during previous BTC bull runs.

最苦惱的投資者包括STH（短期持有人），他們持有BTC 6個月或更短的時間。根據GlassNode的數據，該小組在過去30天中虧損了70億美元。但是，這家分析公司指出，損失仍然在以前的BTC公牛運行期間所見的歷史水平範圍內。

“The rolling 30-day realized loss for #Bitcoin’s STHs has reached $7B, marking the largest sustained loss event of this cycle. However, this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”

“對於＃比特幣的STHS來說，滾動30天的損失已達到7B美元，標誌著該週期中最大的持續損失事件。但是，這仍然低於先前的投票事件，例如2021 - 22年的$ 19.8B和20.7億美元的損失。”

84,000

84,000

According to Coinbase analysts, macro uncertainty and Trump tariffs worsened the risk-off sentiment for BTC in Q1.

根據Coinbase分析師的說法，宏觀不確定性和特朗普的關稅加劇了BTC在第一季度的冒險情緒。

In fact, Coinbase analysts warned that new tariff wars in early April could be a key factor to watch.

實際上，Coinbase分析師警告說，4月初的新關稅戰爭可能是值得關注的關鍵因素。

“We believe tariffs and 1Q25 earning reports (forward guidance) represent the most important factors for market players to watch in the weeks ahead.”

“我們認為關稅和第1季度收入報告（遠期指導）是市場參與者在未來幾週內關注的最重要因素。”