比特幣（BTC）的價格下跌低於8.4K，自3月初以來下降了15％

比特幣繼續面臨巨大的銷售壓力，其價格下降到84,000美元以下，自3月初以來下降了15％。

Bitcoin (BTC) has been encountering substantial selling pressure, resulting in a 15% price drop since the beginning of March, pushing it below the $84,000 mark. This downturn has sparked panic selling and rising fear, leading many investors to speculate on whether Bitcoin is entering a bear market after a period of strong gains.

比特幣（BTC）一直遇到巨大的銷售壓力，自3月初以來的價格下降了15％，將其推高了84,000美元以下。這種低迷引發了恐慌銷售和恐懼的恐懼，導致許多投資者推測比特幣在經過一段時間的強勁增長後是否進入了熊市。

The recent decline has also wiped out a portion of supply profitability, as on-chain data reveals that the percentage of Bitcoin supply in profit has dropped from 99% to 76%. This indicates that 23% of the total BTC supply is now in an unrealized loss.

由於鏈上數據表明，最近的下降還消除了部分供應盈利能力，因此利潤的比特幣供應百分比已從99％下降到76％。這表明現在總BTC供應量的23％是未實現的損失。

According to CryptoQuant’s on-chain analyst, Maajid, such large drops in supply profitability usually occur due to weaker hands capitulating while long-term holders calmly assess market conditions.

據CryptoQuant的鏈分析師Maajid稱，如此大的供應盈利能力下降通常是由於手動降低而導致的，而長期持有人會冷靜地評估市場狀況。

Chart of BTC supply in profit/loss

BTC供應圖表中的損益表

As seen in the chart above, the percentage of Bitcoin supply in profit dropped rapidly from 99% to 70% during the consolidation phase in mid-2023. This large decline, spanning several weeks, occurred as weaker hands capitulated to selling pressure, while long-term holders remained undeterred.

如上圖所示，在2023年中期的合併階段，利潤的比特幣供應百分比從99％下降到70％。跨越幾週的這種大幅下降是由於手弱的銷售壓力而發生的，而長期持有人仍然沒有被欺騙。

After bottoming out at 70%, the percentage of Bitcoin supply in profit gradually recovered, finally returning to 99% by August 2023. However, this upward trend was short-lived, as the market encountered another wave of selling pressure, quickly decreasing the percentage of supply in profit to 76%.

在以70％的速度降低後，利潤中的比特幣供應百分比逐漸恢復，最終恢復到2023年8月。但是，由於市場遇到了另一波銷售壓力，這種上升趨勢是短暫的，很快將利潤供應量降低到76％。

This time, the decline was driven by a different factor: a portion of long-term holders, who typically remain optimistic even during market downswings, decided to take some profits as BTC approached the $70,000 zone.

這次，下降是由一個不同的因素驅動的：一部分長期持有人，即使在市場下降期間，他們通常仍然樂觀，但由於BTC接近70,000美元的區域，因此決定賺取一些利潤。

Next days will be crucial for BTC price action

第二天對於BTC價格行動至關重要

Bitcoin is struggling to regain higher prices, with weak price action and intense fear continuing to dominate sentiment. Many analysts are now calling for the end of this bull cycle, as BTC lost the $90,000 level weeks ago, failing to regain its previous momentum.

比特幣正在努力恢復更高的價格，價格較弱，恐懼繼續占主導地位。現在，許多分析師呼籲結束該公牛週期，因為BTC在幾週前失去了90,000美元的水平，未能重新獲得以前的勢頭。

Currently, Bitcoin is stuck below $85,000, barely holding above $80,000, as bearish pressure keeps investors on edge. The market remains in a vulnerable position, with many expecting a further drop into lower demand levels. However, there is still hope for a recovery, as BTC could reclaim key levels and reignite buying interest.

目前，比特幣被困在85,000美元以下，幾乎不超過80,000美元，因為看跌壓力使投資者處於邊緣狀態。市場仍然處於脆弱的地位，許多人期望進一步下降到較低的需求水平。但是，由於BTC可以恢復關鍵水平並重新點燃購買利息，因此仍然有希望。

Top analyst Axel Adler shared insights on X, revealing that the percentage of Bitcoin supply in profit has dropped from 99% to 76%, meaning that 23% of the total BTC supply is currently in an unrealized loss. This equates to approximately 4,561,966 BTC out of 19,834,633 BTC in circulation, marking a significant shift in market profitability.

頂級分析師阿克塞爾·阿德勒（Axel Adler）在X上分享了見解，表明利潤中的比特幣供應百分比已從99％下降到76％，這意味著目前總BTC供應量的23％是未實現的損失。這相當於19,834,633 BTC中的大約4,561,966個BTC，這標誌著市場盈利能力發生了重大變化。

Adler further noted that such a decline could trigger panic among inexperienced investors, potentially fueling more selling pressure. However, he pointed out that a similar trend occurred during the previous consolidation phase, when the percentage of supply in profit dropped to 70%, confirming macro market cycles that often precede strong recoveries.

阿德勒進一步指出，這種下降可能會引起缺乏經驗的投資者的恐慌，這可能助長了更多的銷售壓力。但是，他指出，在上一個合併階段，當利潤的供應百分比下降到70％時，也發生了類似的趨勢，這證實了宏觀市場週期通常是在強勁的回收率之前。

For now, Bitcoin is in a delicate position, and the next few trading sessions will determine whether BTC can reclaim higher resistance levels or if bears will extend the current downtrend. Investors are closely watching whether this cycle mirrors past consolidations or if deeper losses are ahead.

目前，比特幣處於微妙的位置，接下來的幾個交易會議將決定BTC是否可以收回更高的電阻水平，或者熊是否會擴大當前的下降趨勢。投資者正在密切關注該週期是否反映了過去的合併，還是更深入的損失。