隨著關鍵鏈上指標下降，比特幣（BTC）價格調整可能會擴大

在最近比特幣價格下跌之後，幾個鏈上指標出現了負面情緒，這些指標對於確定其下一步走勢至關重要。

Recent Bitcoin price declines have been accompanied by several crucial on-chain metrics indicating a shift in market sentiment. ShayanBTC, an on-chain expert at CryptoQuant, highlights a drastic decrease in Bitcoin funding rates over the past few days.

最近的比特幣價格下跌伴隨著幾個關鍵的鏈上指標，顯示市場情緒發生了變化。 CryptoQuant 的鏈上專家 ShayanBTC 強調，過去幾天比特幣資金費率急劇下降。

Rising funding rates, typically an indicator of strong demand in the futures market, are often crucial for sustaining any market price surge. However, a sharp drop in funding rates suggests a decrease in bullish leverage in the derivatives market, which could be a response to traders exercising caution following the recent price surge.

融資利率上升通常是期貨市場需求強勁的指標，對於維持市場價格飆升往往至關重要。然而，融資利率大幅下降表明衍生性商品市場看漲槓桿率下降，這可能是對交易員在近期價格飆升後保持謹慎的反應。

In the absence of this buildup, upward trends may struggle to gain momentum. While this increase doesn’t necessarily have to occur immediately, its absence during a rally raises concerns about the strength of the market.

如果沒有這種積累，上升趨勢可能難以獲得動力。雖然這種上漲不一定會立即發生，但在反彈期間沒有上漲會引起人們對市場實力的擔憂。

According to the expert’s analysis, as the recent Bitcoin rally progressed, funding rates surged in the middle, indicating a delayed entry of demand. However, funding rates crashed drastically as BTC faced a strong rejection at the $108,000 resistance.

專家分析，隨著近期比特幣漲勢的進展，中間資金費率飆升，顯示需求進入延遲。然而，由於 BTC 在 108,000 美元阻力位遭遇強烈拒絕，資金費率大幅下跌。

This decrease in funding rates suggests a decline in traders’ commitment to the derivatives market or capital inflows, which could indicate a lack of bullish momentum as there isn’t enough support to keep BTC’s upward trajectory going.

融資利率的下降表明交易者對衍生性商品市場或資本流入的承諾下降，這可能表明缺乏看漲動力，因為沒有足夠的支持來維持比特幣的上行軌跡。

Moreover, the current state of funding rates reflects the broader market sentiment, especially after the rejection at the $108,000 price level. If Bitcoin fails to hold above the $90,000 mark, the expert outlines two potential scenarios that could unfold in the coming days.

此外，目前的融資利率狀況反映了更廣泛的市場情緒，尤其是在 108,000 美元的價格水平遭到拒絕之後。如果比特幣未能守住 9 萬美元大關，專家概述了未來幾天可能出現的兩種潛在情況。

One outcome could be an increase in selling pressure as investors’ confidence drops, leading to deeper corrections, potentially testing lower Fibonacci levels and psychological supports.

一種結果可能是，隨著投資者信心下降，拋售壓力增加，導致更深層的調整，可能會測試較低的斐波那契水平和心理支撐。

On the other hand, if funding rates rise along with strong buying activity, Bitcoin could stabilize and begin to rally once again, with a resurgence in this metric indicating a return of bullish sentiment among market participants.

另一方面，如果融資利率隨著強勁的購買活動而上升，比特幣可能會企穩並開始再次反彈，這項指標的復甦顯示市場參與者的看漲情緒有所回歸。

Another metric that has declined amidst the waning price performance is the Bitcoin on-chain trader realized price and profit/loss margin. Data from CryptoQuant head of research Julio Moreno shows that traders’ unrealized profit margins on-chain have dropped significantly as BTC faces corrections.

在價格表現下降的情況下另一個下降的指標是比特幣鏈上交易者實現的價格和損益率。 CryptoQuant 研究主管 Julio Moreno 的數據顯示，隨著 BTC 面臨回調，交易者的鏈上未實現利潤率大幅下降。

However, Moreno notes that this drop is healthy after a strong rally that pushed BTC above the $100,000 mark. Meanwhile, traders’ realized price, which acts as a support in bull markets, is at $88,000, compared to a price of $93,000.

然而，莫雷諾指出，在 BTC 強勁反彈並突破 10 萬美元大關之後，這種下跌是健康的。同時，作為牛市支撐的交易者已實現價格為 88,000 美元，而實際價格為 93,000 美元。