比特幣（BTC）的價格低於$ 8.0k的門檻，無法維持上升勢頭

比特幣（BTC）未能維持當天早些時候建造的向上勢頭後，已經低於80,000美元的門檻。

Bitcoin (BTC) fell below the $80,000 threshold on Friday after failing to sustain the upward momentum that saw it breach the key resistance level earlier in the day.

比特幣（BTC）未能維持上升的勢頭，使它違反了當天早些時候的關鍵阻力水平，因此比特幣（BTC）低於週五的80,000美元門檻。

As of press time, Bitcoin was trading at $77,400, down 5.84% over the past 24 hours, according to CryptoSlate data.

截至發稿時，比特幣的交易價格為77,400美元，在過去24小時內下跌了5.84％，根據隱板數據。

On-chain data indicates that recent buyers realizing losses contributed to the downturn, although the market structure remains poised for a potential recovery, according to the latest “Bitfinex Alpha” report.

根據最新的“ Bitfinex alpha”報告，鏈上的數據表明，儘管市場結構仍然有望實現潛在的恢復，但最近的買家意識到損失導致了衰退。

BTC fell 13% over the past seven days, and the Spent Output Profit Ratio (SOPR), a key indicator of investor profitability, is highlighting capitulation by entering its first sustained period of losses.

在過去的七天中，BTC下跌了13％，而投資者盈利能力的主要指標（SOPR）通過進入其第一個持續的損失時期來強調投降。

Capitulation phase

投降階段

The SOPR tracks whether Bitcoin investors are selling at a profit or a loss. A sustained drop below 1, a neutral zone, indicates that a portion of the market is liquidating positions at a loss.

SOPR跟踪比特幣投資者是在盈利還是虧損的出售。持續下降1以下，一個中性區域，表明市場的一部分是虧損的清算位置。

In the past two weeks, daily realized losses averaged $818 million, with Feb. 28 and March 4 recording the largest single-day losses of this cycle. The only larger single-day realized loss occurred on August 5, 2024, amid the yen-carry-trade unwind, which saw $1.34 billion in realized losses.

在過去的兩個星期中，每日實現的損失平均為8.18億美元，2月28日和3月4日記錄了該週期中最大的單日損失。唯一的較大的單日實現損失發生在2024年8月5日，在日元式貿易貿易中，這損失了13.4億美元的實現損失。

Short-Term Holder (STH) SOPR, which tracks newer market entrants, recorded its second-largest negative print of this cycle at 0.95, signaling that recent buyers are locking in substantial losses.

跟踪新市場參與者的短期持有人（STH）SOPR記錄了其本週期的第二大負面印刷，這表明最近的買家正在鎖定巨大的損失。

Deep negative prints in STH SOPR have historically marked capitulation events, where panic-selling exhausts weaker hands and creates accumulation opportunities for stronger investors.

STH SOPR中的深層負面印刷在歷史上是標誌性的投降事件，銷售恐慌的排氣量較弱，為強大的投資者創造了積累的機會。

Moreover, an SOPR decline below 1 indicates loss-driven selling, similar to major corrections in past cycles. However, rapid recoveries from this level usually suggest that buyers are defending cost basis levels, reinforcing bullish trends.

此外，低於1的SOPR下降表明損失驅動的銷售類似於過去週期中的重大校正。但是，從這個水平的快速恢復通常表明買家正在捍衛成本基礎水平，從而增強了看漲的趨勢。

The extent of realized losses suggests many short-term holders exited their positions below cost basis, succumbing to drawdown pressures.

已實現的損失的程度表明，許多短期持有人的職位低於成本基礎，屈服於減壓壓力。

Uncertain outcome

不確定的結果

Typically, such capitulation events precede market stabilization as weaker hands exit and stronger hands begin accumulating.

通常，此類投降事件在市場穩定之前，隨著手的出口較弱，手開始積累。

The report mentions that if Bitcoin’s bull market structure remains intact, SOPR should stabilize above 1, indicating re-accumulation and renewed investor confidence. However, prolonged weakness at negative levels close to 1 could suggest further downside risks, making SOPR a key metric to observe in the near term.

該報告提到，如果比特幣的牛市結構保持完整，SOPR應穩定在1以上，表明重新佔領並重新獲得了投資者的信心。但是，在接近1的負水平下長時間的弱點可能表明進一步的下行風險，使SOPR成為在短期內觀察的關鍵指標。

Additionally, Bitfinex analysts noted that macroeconomic and geopolitical uncertainties continue to be a major factor in driving market movements. They also mentioned that monitoring buy-side absorption and exchange-traded funds (ETF) will be crucial in the coming week.

此外，Bitfinex分析師指出，宏觀經濟和地緣政治不確定性仍然是推動市場轉移的主要因素。他們還提到，在下一周，監測買方的吸收和交易所交易基金（ETF）至關重要。