比特幣（BTC）的價格在本週開始，以強勁的立足點跳回90,000美元以上

比特幣的價格始於本週的強勁地位，在美國總統唐納德·特朗普（Donald Trump）宣布戰略加密保護區後，它跳回了90,000美元以上。

The Bitcoin price started the week on a strong footing, heating up again to trade above the $90,000 level following the announcement of a strategic crypto reserve by US President Donald Trump. However, the flagship cryptocurrency quickly lost this momentum, dropping back below the $90,000 threshold before midweek.

比特幣的價格始於本週的強勁地位，在美國總統唐納德·特朗普（Donald Trump）宣布戰略加密保護區後，再次加熱到超過90,000美元的交易。但是，旗艦加密貨幣很快就失去了這一勢頭，在周三前的$ 90,000門檻以下。

The recent market uncertainty is also evident in the Bitcoin action, as the price has moved mostly sideways (after the initial pump) within the $82,000 – $92,000 range. But what is causing this constant price retracement and consolidation?

在比特幣行動中，最近的市場不確定性也很明顯，因為價格大多在$ 82,000 - $ 92,000的範圍內側面轉移（首次泵之後）。但是，是什麼導致這種恆定的價格回溯和合併？

Short-Term Sell-Offs Meet Long-Term Confidence: Analyst

短期拋售達到長期信心：分析師

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym ShayanBTC discussed the divergence in investor behavior while using on-chain data to assess current market sentiment. The relevant on-chain indicator here is the Spent Output Age Bands (SOAB) metric, which categorizes spent coins based on their age as a percentage of the total coins moved.

在CryptoQuant平台上的QuickTake帖子中，具有化名ShayanBTC的分析師討論了投資者行為的差異，同時使用鏈數據來評估當前的市場情緒。這里相關的鍊鍊指標是花費的輸出年齡段（SOAB）度量標準，該指標根據其年齡對花硬幣進行分類，佔總硬幣的百分比。

Specifically, the analyst looked at the bags of investors in the 1-week to 6-month cohorts (short-term holders) using the Spent Output Age Bands. Data from CryptoQuant shows that the selling activity of short-term investors contributed to the recent Bitcoin downturn.

具體來說，分析師使用了花費的輸出年齡段，研究了1周至6個月的隊列（短期持有人）的投資者袋。來自CryptoQuant的數據表明，短期投資者的銷售活動有助於最近的比特幣低迷。

These investors, known for their swift reactions to market trends, have been actively depositing BTC onto exchanges—a move that can exert pressure on the cryptocurrency’s price. Furthermore, considering the sensitivity of short-term holders to market sentiment and technical resistance levels, their selling behavior aligns with Bitcoin’s struggle to sustain any bullish momentum.

這些以快速反應對市場趨勢的反應而聞名的投資者一直在積極地將BTC存入交流中，這一舉動可能會對加密貨幣的價格施加壓力。此外，考慮到短期持有人對市場情緒和技術抵抗水平的敏感性，其銷售行為與比特幣為維持任何看漲勢頭的努力保持一致。

On the other hand, long-term investors (those holding BTC for more than 6 months) have yet to display any signs of capitulation. While some level of profit-taking can be observed among this group of Bitcoin holders, it appears to be rather gradual and consistent with the behavior seen in healthy bull markets—not a mass liquidation.

另一方面，長期投資者（持有BTC超過6個月的投資者）尚未顯示任何屈服跡象。儘管可以在這組比特幣持有人之間觀察到一些利潤水平的利潤，但它似乎逐漸逐漸，並且與健康的牛市中所看到的行為一致，而不是大規模清算。

The activity of long-term Bitcoin investors suggests that they anticipate future price appreciation before offloading larger portions of their holdings, which in turn would reduce the BTC supply in the open market. ShayanBTC added that “if sufficient demand enters the market, this supply shrinkage could propel further price appreciation.”

長期比特幣投資者的活動表明，他們預計未來的價格在卸載較大的持股量之前會降低公開市場的BTC供應。 Shayanbtc補充說：“如果有足夠的需求進入市場，這種供應收縮可能會推動進一步的價格升值。”

Interestingly, the latest on-chain data shows that long-term Bitcoin investors are not the only market participants refraining from selling off their assets. Crypto pundit Ali Martinez revealed in a post on X that the BTC miners have recorded no selling activity since February 28.

有趣的是，最新的鍊鍊數據表明，長期比特幣投資者並不是唯一一個避免出售其資產的市場參與者。加密專家阿里·馬丁內斯（Ali Martinez）在X上的一篇文章中透露，BTC礦工自2月28日以來就沒有記錄銷售活動。