隨著市場應對不確定性和日益增長的疑慮，比特幣 (BTC) 面臨關鍵時刻

隨著市場在未來幾天應對不確定性和日益增長的疑慮，比特幣發現自己正處於一個關鍵時刻。

Bitcoin is at a critical juncture as the market navigates uncertainty. Following an all-time high (ATH), the price experienced a rapid decline to the $92,000 level, shifting sentiment from extreme bullishness to cautious optimism. This correction has led many traders to question Bitcoin’s recent rally and the possibility of a new market phase.

隨著市場應對不確定性，比特幣正處於關鍵時刻。在創下歷史新高 (ATH) 後，價格迅速下跌至 92,000 美元的水平，將情緒從極端看漲轉變為謹慎樂觀。這種調整導致許多交易者質疑比特幣最近的反彈以及新市場階段的可能性。

According to CryptoQuant analyst Maartunn, the supply held by Short-Term Holders (STH) has reached its highest point in 40 months. This development is significant as high STH holdings are often linked to market tops or potential trend changes.

CryptoQuant 分析師 Maartunn 表示，短期持有者 (STH) 持有的供應量已達到 40 個月來的最高點。這一發展意義重大，因為高 STH 持有量通常與市場頂部或潛在趨勢變化相關。

If the price manages to hold above key support levels, it could indicate a healthy correction and set the stage for a continuation of the rally. However, a failure to regain momentum may confirm the concerns of many market participants, leading to deeper corrections and increased selling pressure. As Bitcoin stands at this crossroads, the data and the market’s next move are being closely watched.

如果價格設法保持在關鍵支撐位之上，則可能表明這是一次健康的調整，並為繼續上漲奠定了基礎。然而，未能重獲動力可能會證實許多市場參與者的擔憂，導致更深層的調整和更大的拋售壓力。當比特幣站在這個十字路口時，數據和市場的下一步走勢受到密切關注。

Bitcoin’s all-time high (ATH) at $108,300 was followed by substantial volatility, leaving some analysts convinced that the peak of the current bull cycle has been reached and that BTC will not experience any further gains in the near term.

比特幣創下 108,300 美元的歷史高點（ATH）後出現大幅波動，這讓一些分析師相信，當前牛市週期的頂峰已經達到，比特幣在短期內不會再出現任何進一步上漲。

On the other hand, there are those who believe the bull run is far from over and that the recent price fluctuations are simply part of a healthy market consolidation before a potential surge.

另一方面，有些人認為多頭市場遠未結束，最近的價格波動只是潛在飆升之前健康市場整合的一部分。

Recently, Maartunn shared data on X that provides crucial insight into the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached 5,439,700 BTC, the highest level in 40 months.

最近，Maartunn 分享了有關 X 的數據，這些數據為了解當前市場狀況提供了重要的見解。 Maartunn 表示，短期持有者（STH）持有的比特幣供應量已達到 5,439,700 BTC，為 40 個月來的最高水準。

Typically, STH Supply increases during bullish periods as short-term investors buy Bitcoin in anticipation of price gains. This sharp increase marks the end of the multi-year downtrend in STH supply, signaling a potential shift in market dynamics.

通常，在牛市期間，由於短期投資者預期價格上漲而購買比特幣，STH 供應會增加。這一大幅成長標誌著某種東西供應量多年來下降趨勢的結束，標誌著市場動態的潛在轉變。

Many analysts interpret this as a bullish signal, indicating that short-term holders are preparing for further price appreciation. However, uncertainty persists as the broader market still experiences periods of volatility, and BTC must overcome key resistance levels to confirm that the rally is indeed sustainable. While Maartunn's data suggests the potential for continued bullish sentiment, Bitcoin’s future direction remains to be fully determined.

許多分析師將此解讀為看漲訊號，顯示短期持有者正在為價格進一步升值做準備。然而，由於大盤仍經歷波動期，不確定性依然存在，比特幣必須克服關鍵阻力位，以確認漲勢確實可持續。儘管 Maartunn 的數據顯示看漲情緒有持續的潛力，但比特幣的未來方向仍有待完全確定。

Bitcoin is currently trading at $97,000 following several days of intense volatility and uncertainty. As the weekly close approaches, the $97K level has become essential in determining the next direction of price action.

經過幾天的劇烈波動和不確定性之後，比特幣目前的交易價格為 97,000 美元。隨著每週收盤價的臨近，97,000 美元的水平對於確定下一步價格走勢至關重要。

If Bitcoin manages to hold above this key level by the end of the week, it could signal the confirmation of a bullish continuation, with a potentially massive rally on the horizon. The ability to maintain this support would likely ignite renewed buying pressure, propelling Bitcoin toward higher price targets.

如果比特幣在本週末成功維持在這一關鍵水平之上，則可能標誌著看漲持續的確認，並可能出現大規模反彈。維持這種支撐的能力可能會引發新的購買壓力，推動比特幣朝更高的價格目標邁進。

On the other hand, if Bitcoin fails to hold above $97K and closes the week below this threshold, the market may face a deeper correction. This could bring the price back to test lower demand zones, potentially leading to further downside risk in the coming weeks.

另一方面，如果比特幣未能守住 9.7 萬美元上方，且本週收盤價低於該門檻，市場可能會面臨更深層的調整。這可能會使價格回到測試較低需求區域，可能導致未來幾週進一步下行風險。

Over the next few days, the weekly close could set the tone for Bitcoin’s near-term price action, with analysts keeping a close eye on whether this support level holds firm. As market sentiment remains up in the air, a decisive move above or below $97K will provide key insights into Bitcoin’s future direction.

在接下來的幾天裡，每週的收盤價可能會為比特幣的近期價格走勢定下基調，分析師將密切關注這一支撐位是否保持堅挺。由於市場情緒仍懸而未決，97,000 美元上方或下方的決定性走勢將為比特幣未來方向提供重要見解。