比特幣 (BTC) 價格分析：隨著 BTC 整合至 7 萬美元以下，STH NAV 溢價預示著進一步增長的空間

比特幣 (BTC) 經歷了動蕩的一周，其價格在 69,500 美元的局部高點和 65,000 美元的低點之間波動。

Bitcoin price is consolidating below crucial supply levels as its price action continues to highlight strong buyer demand at lower price points. As BTC price remained largely stagnant over the past few weeks, on-chain analyst Axler Adler shares critical insights on X, showing that Bitcoin’s net asset value (NAV) premium among short-term holders has climbed to 6.2%.

比特幣價格正在鞏固至關鍵供應水準以下，其價格走勢持續凸顯出較低價格點的強勁買家需求。由於過去幾週 BTC 價格基本上停滯不前，鏈上分析師 Axler Adler 分享了對 X 的重要見解，表明比特幣在短期持有者中的資產淨值（NAV）溢價已攀升至 6.2%。

This 6.2% NAV premium indicates that Bitcoin’s current market price is trading 6.2% above the average acquisition cost for short-term holders. Essentially, these investors are valuing Bitcoin at a premium, suggesting optimism about the potential for further gains.

6.2% 的資產淨值溢價表明，比特幣當前的市場價格比短期持有者的平均購買成本高出 6.2%。從本質上講，這些投資者對比特幣的估值較高，這表明他們對比特幣進一步上漲的潛力持樂觀態度。

Adler explains that this metric acts as a bullish signal, highlighting room for continued price growth. An NAV premium of 25% or higher usually points to an overheated market, implying that demand has yet to reach excessive levels.

阿德勒解釋說，這項指標是一個看漲訊號，凸顯了價格持續成長的空間。淨值溢價 25% 或更高通常表示市場過熱，這意味著需求尚未達到過高水準。

According to Adler’s analysis, the NAV premium is an important gauge of market sentiment. A moderate premium like 6.2% reflects healthy demand among short-term holders, aligning with an accumulation phase rather than a peak. This is especially relevant as Bitcoin’s price consolidates under significant resistance levels, potentially setting the stage for a breakout.

根據阿德勒的分析，資產淨值溢價是衡量市場情緒的重要指標。 6.2% 等適度溢價反映了短期持有者的健康需求，與累積階段而不是高峰一致。這尤其重要，因為比特幣的價格在重大阻力位下盤整，可能為突破奠定基礎。

Bitcoin price is trading at $66,900 after establishing solid support around $65,000. The price action signals resilience as it consolidates above this crucial level. This support around $65,000 marks a significant pivot, as holding above it reflects underlying strength and fuels optimism among investors. However, for Bitcoin to keep bullish momentum, a push above $70,000 is essential to confirm the uptrend.

比特幣價格在 65,000 美元左右建立堅實支撐後，目前交易價格為 66,900 美元。當價格在這一關鍵水平上方盤整時，價格走勢表明了彈性。 65,000 美元左右的支撐位標誌著一個重要的支點，因為保持在該支撐位之上反映了潛在的實力並激發了投資者的樂觀情緒。然而，為了讓比特幣保持看漲勢頭，突破 70,000 美元對於確認上升趨勢至關重要。

If Bitcoin loses the $65,000 level, analysts foresee a retrace toward the 200-day moving average (MA) at $63,274. This level is relevant as a long-term support zone. A pullback to this area could attract new buyers, reinforcing it as a major support if tested.

如果比特幣跌破 65,000 美元的水平，分析師預計將回撤至 200 日移動平均線 (MA) 63,274 美元。此水準作為長期支撐區域具有相關性。回調至該區域可能會吸引新的買家，如果受到測試，則將強化其作為主要支撐的地位。

Investors view the 200-day MA as a key anchor for Bitcoin’s bullish structure. If BTC can hold above $65,000 and eventually break $70,000, it would indicate a continuation of the current bullish phase. Conversely, a dip below these supports would shift focus to the 200-day MA. Holding above this moving average is crucial to prevent a bearish reversal.

投資者將 200 日均線視為比特幣看漲結構的關鍵錨點。如果 BTC 能夠守住 65,000 美元上方並最終突破 70,000 美元，則將表明當前看漲階段的延續。相反，跌破這些支撐位將把焦點轉移到 200 日均線。保持在該移動平均線上方對於防止看跌逆轉至關重要。