比特幣 (BTC) 面臨自 11 月初以來的首次重大調整，較歷史高點下跌 13%

比特幣面臨自 11 月初以來的首次重大調整，較歷史高點 108,364 美元下跌 13%。這種突然的回調給整個加密市場帶來了衝擊

Bitcoin encountered its first major correction since early November, dropping 13% from its all-time high of $108,364. This sudden pullback shifted market sentiment from extreme bullishness to uncertainty and even fear. The sell-off was particularly felt by altcoins, many of which experienced significant losses as Bitcoin struggled to regain momentum.

比特幣遭遇自 11 月初以來的首次大幅回調，較歷史高點 108,364 美元下跌 13%。這種突然的回調將市場情緒從極端看漲轉變為不確定性甚至恐懼。山寨幣尤其受到拋售的影響，隨著比特幣難以恢復勢頭，許多山寨幣遭受了重大損失。

Key metrics from CryptoQuant highlighted the extent of the sell-off, with realized losses totaling $28.9 million — an alarming 3.2 times higher than the weekly average. This surge in realized losses indicated that some investors were exiting positions as the market recalibrated after weeks of aggressive upward movement.

CryptoQuant 的關鍵指標突顯了拋售的嚴重程度，已實現的損失總計 2890 萬美元，比周平均水平高出驚人的 3.2 倍。已實現損失的激增表明，隨著市場在經歷了數週的大幅上漲之後進行了重新調整，一些投資者正在退出頭寸。

The big question now was whether this was simply a healthy correction in an otherwise bullish trend or the start of a larger downtrend. Traders were closely watching Bitcoin’s ability to hold critical support levels and the behavior of altcoins, which often amplified Bitcoin’s price movements.

現在最大的問題是，這是否只是看漲趨勢中的一次健康修正，還是更大的下跌趨勢的開始。交易員密切注意比特幣保持關鍵支撐位的能力以及山寨幣的行為，這往往會放大比特幣的價格走勢。

For now, the market remained at a crossroads, with the coming days likely to reveal whether Bitcoin could recover and resume its uptrend — or if this correction signaled a more prolonged period of weakness.

目前，市場仍處於十字路口，未來幾天可能會揭示比特幣是否能夠恢復並恢復其上升趨勢，或者這次調整是否預示著更長的疲軟。

Bitcoin Facing Selling Pressure

比特幣面臨拋售壓力

Bitcoin was facing significant selling pressure after two days of aggressive bearish activity, marking a pivotal moment for the market. The sudden sentiment shift caused many analysts and investors to turn cautious, with some flipping bearish as Bitcoin’s recent trend began to lose momentum. This correction left the market questioning whether the current price movement was a natural pause or a precursor to deeper losses.

經過兩天的激進看跌活動後，比特幣面臨巨大的拋售壓力，這標誌著市場的關鍵時刻。情緒的突然轉變導致許多分析師和投資者變得謹慎，隨著比特幣近期趨勢開始失去動力，有些人轉而看跌。這次調整讓市場質疑當前的價格走勢是自然暫停還是進一步下跌的前兆。

Top analyst Axel Adler recently shared his insights on the matter, supported by compelling on-chain data. Highlighting that realized losses had surged to $28.9 million, a figure 3.2 times higher than the weekly average. Adler’s analysis indicated that while the sell-off might seem alarming, it was consistent with a healthy market correction, especially following Bitcoin’s remarkable rally to $108,300.

頂級分析師 Axel Adler 最近在令人信服的鏈上數據的支持下分享了他對此事的見解。強調已實現損失已飆升至 2890 萬美元，這一數字是周平均水平的 3.2 倍。阿德勒的分析表明，雖然拋售可能看起來令人擔憂，但這與健康的市場調整是一致的，特別是在比特幣顯著反彈至 108,300 美元之後。

Adler noted that the current dip should not trigger panic but instead serve as a moment of patience for long-term holders. He emphasized that now was a time to HODL unless additional bearish signals emerged to suggest a more prolonged downtrend. Corrections like this often provided the market with the necessary fuel for the next leg up, as weaker hands exited and strong hands positioned themselves strategically.

阿德勒指出，目前的下跌不應引發恐慌，而應為長期持有者提供耐心。他強調，現在是持有的時機，除非出現額外的看跌訊號，顯示下跌趨勢將持續更久。像這樣的調整通常為市場提供下一輪上漲所需的動力，因為較弱的牌退出，而較強的牌則策略性地定位自己。

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Price action remained critical, with investors watching closely to determine whether this correction solidified a strong foundation for future growth or signaled further downside.

價格走勢仍然至關重要，投資者密切關注，以確定這次調整是否為未來成長奠定了堅實的基礎，還是預示著進一步的下跌。

BTC Holding Bullish Structure (For Now)

BTC 持有看漲結構（目前）

Bitcoin was trading at $94,400 following three consecutive days of aggressive selling pressure. Despite the apparent bearish sentiment gripping the market, BTC had managed to maintain its footing above the key support level of $92,000. This support was crucial as it clearly defined the ongoing uptrend. Holding above this level suggested resilience and set the stage for a potential strong bounce if buyers regained control in the coming sessions.

在連續三天遭遇大幅拋售壓力後，比特幣交易價格為 94,400 美元。儘管市場明顯看跌情緒，但 BTC 仍成功維持在 92,000 美元關鍵支撐位上方。這種支撐至關重要，因為它明確界定了持續的上升趨勢。保持在這一水平之上表明了韌性，如果買家在未來幾個交易日重新獲得控制權，則為潛在的強勁反彈奠定基礎。

While the recent price action reflected uncertainty, the decline had not been as severe as the market sentiment indicated. Negative emotions had driven many traders to adopt a cautious stance, but BTC’s ability to stay above $92,000 showed underlying strength in the market structure.

雖然最近的價格走勢反映了不確定性，但跌幅並不像市場情緒所顯示的那麼嚴重。負面情緒促使許多交易者採取謹慎立場，但 BTC 能夠保持在 92,000 美元以上的能力表明了市場結構的潛在實力。

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However, sentiment remained a critical market driver. Restoring confidence would be essential for Bitcoin to reclaim higher levels and resume its bullish momentum. If sentiment did not improve and prices continued to drop, the risk of a deeper correction became more likely. Losing the $92,000 support could pave the way for a retest of lower levels, potentially causing additional volatility.

然而，情緒仍然是關鍵的市場驅動因素。恢復信心對於比特幣恢復更高水準並恢復看漲勢頭至關重要。如果情緒沒有改善且價格繼續下跌，則更可能出現更深層的調整。失去 92,000 美元的支撐位可能會為重新測試較低水平鋪平道路，從而可能導致進一步的波動。