比特幣（BTC）的價格從ATH降低了26％，消耗了400B美元的市值

比特幣明顯掙扎。領先的加密貨幣的價格從歷史上的高潮中下降了約26％，消除了4000億美元的市值和破壞市場情緒。

Investors are now frightened by Donald Trump’s aggressive tariff policies that favor a rise in the US dollar index, while draining interest in speculative assets. The pump, previously triggered by the US presidential elections, has been completely nullified.

現在，唐納德·特朗普（Donald Trump）的積極關稅政策使投資者感到恐懼，這些關稅政策有利於美元指數上升，同時引起了投機資產的興趣。以前是由美國總統大選觸發的泵已經完全無效。

However, there is still a glimmer of hope for holders: historically, drawdowns like these precede a strong rebound, which could materialize in a new market rally. In the meantime, on-chain data and the behavior of whales offer us valuable clues about Bitcoin’s future price action.

但是，對持有人的希望仍然有一線希望：從歷史上看，像這樣的逐漸減少的反彈之前，這可能會在新的市場集會中實現。同時，鏈上數據和鯨魚的行為為我們提供了有關比特幣未來價格行動的寶貴線索。

Why is Bitcoin going down? A comprehensive overview

為什麼比特幣會下降？全面的概述

In a delicate moment like this, everyone is asking why Bitcoin is falling and what has triggered such a marked bear movement. The answers are likely to be found outside the cryptographic context, within the more complex macroeconomic sphere. In fact, alongside Bitcoin, the S&P500 is also giving unpleasant surprises, losing over 4% in the last 5 days.

在這樣的微妙時刻，每個人都在問為什麼比特幣掉落了，什麼引發瞭如此明顯的熊運動。答案很可能在加密環境之外，在更複雜的宏觀經濟領域中找到。實際上，與比特幣一起，S＆P500也給人以令人不愉快的驚喜，在過去的5天中損失了4％以上。

Donald Trump represents one of the main actors in this financial markets dump, as his foreign policies do not seem to have been well received by investors. Recently, the new president of the United States announced that from March 4th, he will impose trade tariffs on Canada and Mexico, also doubling the universal 10% tariff applied to imports from China. The import taxes have also affected the European Union, which from April 2025 will face an increase on its USA exports.

唐納德·特朗普（Donald Trump）代表了這一金融市場上的主要參與者之一，因為他的外交政策似乎並沒有受到投資者的好評。最近，美國新總統宣布，從3月4日起，他將對加拿大和墨西哥徵收貿易關稅，也將適用於中國進口的普遍關稅增加了一倍。進口稅也影響了歐盟，從2025年4月開始，其美國出口將面臨增長。

All this negatively impacts the U.S. inflation, with an increase in price pressures that could make it more difficult for the Federal Reserve to adopt an expansive monetary policy. Consequently, there could be fewer interest rate cuts than those expected just a few months ago, influencing the trend of speculative markets like that of Bitcoin in a bear direction.

所有這些對美國的通貨膨脹產生了負面影響，價格壓力的增加可能會使美聯儲難以採用廣泛的貨幣政策。因此，比幾個月前預期的利率降低可能更少，這影響了像比特幣這樣的投機市場的趨勢。

The only one who benefited from this scenario is the US dollar index (DXY), which on Thursday, February 27, rose by 0.77%. Usually, the trend of DXDY is inversely proportional to the growth of Bitcoin and stocks. It is no coincidence that during the bear market of 2022, this index reached local highs at 114 points. Since the US dollar is the world reserve currency, its price changes can affect the purchasing power of individuals and institutions and influence the demand for riskier assets.

從這種情況下受益的唯一一個是美元指數（DXY），該指數在2月27日星期四上漲了0.77％。通常，DXDY的趨勢與比特幣和股票的生長成反比。在2022年的熊市中，該指數以114分達到了當地高點並非偶然。由於美元是世界儲備貨幣，因此其價格變化會影響個人和機構的購買力並影響對風險較高的資產的需求。

The worst trading week since June 2022 for BTC

BTC自2022年6月以來最糟糕的交易週

With the latest price drop, Bitcoin recorded the worst weekly performance since June 2022, when its value plummeted by about a third. On that occasion, Coinbase was accused by the SEC of operating without a license and offering unregistered securities. This time, however, we have Bybit, the second exchange in the crypto market for spot volumes, which was hacked for $1.5 billion in $ETH by the North Koreans of the Lazarus group.

隨著最新的價格下跌，比特幣記錄了自2022年6月以來的每週表現最差，當時其價值下降了大約三分之一。那時，Coinbase被SEC指控沒有許可證並提供未註冊的證券。但是，這次我們有Bybit，這是加密貨幣市場上的第二次交流，該貨物量是由Lazarus Group的朝鮮人以15億美元的$ 15億美元入侵的。

At the time of writing the article, Bitcoin marks a disastrous week of -18%, dangerously falling below the $80,000 support. With this sell-off, the coin has filled the CME gap that had formed in mid-November. Some analysts suggest that from here it could test lower price levels, while others believe that a bull impulse will start from here. Let’s remember that there is another small CME gap at $93,000 waiting to be filled.

在撰寫文章時，比特幣的災難性一周為-18％，危險地降至80,000美元的支持下。隨著這種拋售，硬幣填補了11月中旬形成的CME差距。一些分析師認為，從這裡可以測試較低的價格水平，而另一些分析師則認為施加衝動將從這裡開始。讓我們記住，還有一個小的CME差距，售價為93,000美元。

According to on-chain data, in the last 3 days the realized losses by Bitcoin traders exceed the 3 billion dollars mark. This is one of the most bearish values since August 2024, when the carry trade in yen ended and the cryptocurrency reached $49,000.

根據鏈上的數據，在過去的3天中，比特幣交易者實現的損失超過了30億美元。這是自2024年8月以來最看跌的價值之一，當時日元的攜帶貿易結束，加密貨幣達到49,000美元。

Also consider that the last weekly candle of the BTC-USDT chart represents the worst ever in terms of price excursion, with an overall amplitude of almost $18,000.

還要考慮到BTC-USDT圖表的最後一周蠟燭在價格旅行方面是有史以來最糟糕的，總體幅度近18,000美元。

In total, according to the data from TradingView, the cryptocurrency market capitalization has lost a whopping 1.1 trillion dollars, bringing the total to 2.59 trillion dollars. Much of this exodus is by retails who bought in the last month and panicked with the market crash. According to IntoTheBlock, currently there are still 6.34 million addresses “out of the money” on Bitcoin, which bought at a price between $86,000 and $106,000.

總的來說，根據TradingView的數據，加密貨幣市值損失了1.1萬億美元，總計達到2.59萬億美元。這些出埃及記的大部分都是由上個月購買並驚慌失措的零售。根據Intotheblock的說法，目前仍有634萬個地址“從貨幣中”上的比特幣，其價格在86,000美元至106,000美元之間。

Bitfinex margin traders take advantage of discounts and go long on Bitcoin

Bitfinex保證金交易者利用折扣，長時間使用比特幣

While the price of Bitcoin faces a heavy retracement, some users are taking advantage to shop in the market and average their positions. In particular, traders on the exchange Bitfinex, known for its presence of whale investors, seem to be betting heavily on an imminent rebound of the cryptocurrency. The number of BTC purchased on Bitfinex with borrowed money has indeed risen to more than 80,000 BTC, up from 50,773 this month.

雖然比特幣的價格面臨著沉重的回溯，但一些用戶正在利用在市場上購物並平均其頭寸。特別是，以鯨魚投資者在場而聞名的交易所Bitfinex上的商人似乎在嚴重押注了加密貨幣的即將反彈。在BITFinex上以藉錢購買的BTC數量確實增加到了80,000多個BTC，高於本月的50,773。

Usually, the investors on this platform tend to accurately predict the peaks and bottoms of the cryptocurrency market. These traders

通常，該平台上的投資者傾向於準確預測加密貨幣市場的峰值和底部。這些交易者