比特幣（BTC）的價格下降了，恐懼和貪婪指數下降到中性點，MVRV的Z得分跌至3個月低點

比特幣（BTC）是數量最大的加密貨幣，仍處於緊密的範圍內。在周六的最後一支支票上，價格徘徊在97,600美元中，增長了1.2％。

Bitcoin (BTC) price remained largely unchanged on Saturday, showing signs of consolidation as investors awaited the next catalyst for price movement.

比特幣（BTC）的價格在周六的很大程度上保持不變，隨著投資者在等待下一個價格變動的催化劑時，表現出合併的跡象。

At last check Saturday, the price was up 1.2%, trading at $97,600.

在周六的最後一支支票上，價格上漲了1.2％，交易價格為97,600美元。

This consolidation comes as investors appeared to be on the sidelines waiting for the next move. However, data from SoSoValue showed that American investors’ demand for spot Bitcoin ETFs had waned.

這種合併是因為投資者似乎處於場外等待下一步行動。但是，來自Sosovalue的數據表明，美國投資者對現貨比特幣ETF的需求減弱了。

In the last four days, the funds had net outflows of over $650 million.

在過去的四天中，資金的淨流出超過6.5億美元。

On Saturday, on-chain analyst Ali Martinez commented on the trend, saying

週六，鍊鍊分析師阿里·馬丁內斯（Ali Martinez）評論了這一趨勢，說

#Bitcoin Spot ETFs have offloaded nearly 7,437 $BTC in the past week! pic.twitter.com/8eIFBCzic7

#bitcoin spot ETF在過去一周中已將近7,437美元的BTC卸載！ pic.twitter.com/8eifbczic7

When spot Bitcoin ETFs offload BTC, it means they are selling Bitcoin from their holdings, which can create downward price pressure, signal investor outflows, and increase market volatility.

當斑點比特幣ETF卸載BTC時，這意味著他們正在從其持股中出售比特幣，這可能會造成下降價格壓力，信號投資者流出並增加市場波動。

Typically, redemptions, institutional portfolio shifts, or fund rebalancing can drive these sales.

通常，贖回，機構投資組合變化或基金重新平衡可以推動這些銷售。

If multiple ETFs sell simultaneously, it can amplify price swings, especially in periods of low liquidity.

如果多個ETF同時出售，則可以擴大價格波動，尤其是在流動性低時期。

Moreover, arbitrage traders may be exploiting discrepancies between ETF prices and Bitcoin’s spot price.

此外，套利交易者可能正在利用ETF價格和比特幣現貨價格之間的差異。

Bitcoin price stalled amid the ongoing geopolitical risks and potential for high interest rates for longer. Investors are anticipating that President Donald Trump’s tariffs will spark a trade war and cause market volatility.

比特幣的價格停滯在正在進行的地緣政治風險和高利率的潛力更長的情況下。投資者預計，唐納德·特朗普總統的關稅將引發貿易戰並引起市場波動。

It will also lead to higher inflation as companies boost prices in the U.S. This week’s inflation data showed that the headline consumer inflation data rose from 2.9% in December to 3% in January, while the core CPI moved from 3.2% to 3.3%.

這也將導致通貨膨脹率更高，因為公司在本週的通貨膨脹數據中提高了公司的價格，該數據顯示，消費者通貨膨脹數據從12月的2.9％上升到1月的3％，而CORE CPI從3.2％轉移到3.3％。

When the Federal Reserve is hawkish, Bitcoin and other risky assets underperform the market. In his testimony to Congress this week, Fed Chair Jerome Powell hinted that the central bank would hold steady until inflation starts falling.

當美聯儲是鷹派時，比特幣和其他風險資產的表現不佳。美聯儲主席杰羅姆·鮑威爾（Jerome Powell）在本週對國會的證詞中暗示，中央銀行將保持穩定，直到通貨膨脹開始下降為止。

Investors are jittery as the closely watched fear and greed index has dropped from the extreme greed area of 90 in 2024 to the fear zone of 40.

投資者令人震驚，因為恐懼和貪婪指數已從2024年的90個極端貪婪地區下降到40的恐懼區。

Moreover, the Z score of the MVRV (Market Value to Realized Value) indicator has dropped to 2.49, from the year-to-date high of 3.

此外，MVRV的Z分數（已實現價值的市場價值）從年滿3點開始下降到2.49。

The MVRV indicator is a popular tool used to measure the valuation of a crypto coin. It does that by subtracting the realized market value from the circulating market value and then standardizing it.

MVRV指示器是用於測量加密硬幣估值的流行工具。它通過從循環市場價值中減去實現的市場價值，然後將其標準化來做到這一點。

An MVRV figure of less than 3.5 indicates that a crypto coin is undervalued.

小於3.5的MVRV圖表明，加密硬幣被低估了。

Typically, a drop in the fear and greed index, MVRV, and futures open interest signals potential accumulation by smart money investors.

通常，恐懼和貪婪指數，MVRV和未來的下降，智能貨幣投資者的潛在積累。

BTC price technical analysis: Bitcoin needs to clear $108,440

BTC價格技術分析：比特幣需要清除$ 108,440

The daily chart shows that the price of Bitcoin has remained below $100,000 in the past few days. It has also remained in a tight range in the past two months.

每日圖表顯示，過去幾天，比特幣的價格一直低於100,000美元。在過去的兩個月中，它的範圍也很緊。

Bitcoin has dropped below the 50-day Exponential Moving Average, a bearish sign. Additionally, it has formed a double-top chart pattern at $108,440.

比特幣已降至50天的指數移動平均線以下，這是看跌符號。此外，它已經形成了108,440美元的雙頂圖案。

Therefore, Bitcoin’s outlook is bearish as long as it is below the double-top level. The bearish outlook will become invalid if it moves above $108,440, as this will invalidate the double-top point.

因此，只要比特幣的前景低於雙頂水平，就有看跌。如果看跌的前景在$ 108,440的上升範圍以上，這將變得無效，因為這將使雙頂點無效。

A drop below the neckline point at $89,055 will point to more downside, with the next support level being at $73,613.

$ 89,055的領口點下降將指向更多缺點，下一個支持水平為73,613美元。

Meanwhile, Ethereum is currently trading at $2,693.91, down 0.3%.

同時，以太坊目前的交易價格為2,693.91美元，下跌0.3％。