比特幣（BTC）價格更新：Hash Ribbon指示器閃爍綠色，因為BTC努力打破$ 90,000的電阻

比特幣目前的交易價格為87,373美元，顯示出混合信號作為歷史上可靠的購買指標閃爍綠色，而加密貨幣則努力突破90,000美元的電阻水平。

Bitcoin faces several challenges that have kept its price below $90,000 despite a historically reliable buy indicator flashing green.

儘管歷史上可靠的購買指標閃爍綠色，但比特幣面臨的幾個挑戰仍將其價格保持在90,000美元以下。

This week, the Hash Ribbon indicator has just issued a bullish signal for Bitcoin.

本週，哈希絲帶指標剛剛發布了對比特幣的看漲信號。

This on-chain metric was designed by analyst Charles Edwards to identify periods when mining difficulty and hash power have gone through capitulation and begun to recover. A “buy” signal is triggered when the 30-day moving average crosses above the 60-day moving average of Bitcoin’s hash rate. This suggests that any period of miner-driven market stress may be ending.

該鏈度量是由分析師查爾斯·愛德華茲（Charles Edwards）設計的，目的是確定採礦難度和哈希功率經過壓制並開始恢復的時期。 30天移動平均線超過比特幣哈希率的60天移動平均值時，觸發了“買入”信號。這表明，任何以礦工驅動的市場壓力都可能結束。

The signal has only appeared 20 times in Bitcoin’s history. In 17 of those 20 instances, the most recent local price low was not broken on a closing basis, giving the indicator an 85% success rate.

該信號在比特幣的歷史中僅出現了20次。在這20個實例中的17個中，最新的當地價格低下沒有在閉幕式中破壞，這使指標獲得了85％的成功率。

Bitcoin Archive noted: “This is one of the most reliable ‘buy’ indicators. Price gains have followed seven out of the last seven times this indicator was triggered.”

比特幣檔案館指出：“這是最可靠的'買入'指標之一。在最後七次中，觸發了該指標的價格上漲七次。”

Hash Ribbon Flashes Buy Signal

哈希絲帶閃光購買信號

This is one of the most reliable "buy" indicators.

這是最可靠的“購買”指標之一。

Significant price gains have followed 7 out of the last 7 times this indicator was triggered.

在最後7次中，該指標被觸發了7次。

Created by @caprioleio

由@caprioleio創建

This is interesting because usually, we see more sell-side derivatives volumes during periods of strong price decline

這很有趣，因為通常，我們在價格下降的時期看到更多的賣方衍生品數量

Despite this bullish indicator, Bitcoin faces several challenges that have kept its price below $90,000. The cryptocurrency has formed a series of lower highs and lower lows in recent days after reaching a weekly high of $88,752 on March 24.

儘管有了這個看漲的指標，但比特幣仍面臨幾個挑戰，其價格將其價格低於90,000美元。加密貨幣在3月24日達到每周高點88,752美元後，近幾天在近幾天形成了一系列的低點和低點。

One major factor restraining Bitcoin’s price is the constant selling pressure from short-term holders. These are investors who have held their coins for less than 155 days.

限制比特幣價格的一個主要因素是短期持有人不斷銷售壓力。這些投資者持有硬幣不到155天。

According to Glassnode’s analysis, the current Bitcoin market is “top-heavy.” This means that many investors who purchased BTC at higher prices hold a large portion of Bitcoin’s supply.

根據GlassNode的分析，當前的比特幣市場“最豐富”。這意味著許多以較高價格購買BTC的投資者擁有大部分比特幣供應。

The volume of short-term holder supply held at a loss has surged to 3.4 million BTC. This is the largest volume of short-term holder supply in loss since July 2018.

虧損的短期持有人供應量已飆升至340萬BTC。這是自2018年7月以來最大的短期持有人損失供應。

This selling pressure is reflected in Bitcoin’s accumulation trend score. The score has remained below 0.1 since Bitcoin’s price dropped from $108,000 to the $93,000-$97,000 range.

這種銷售壓力反映在比特幣的累積趨勢評分中。自比特幣的價格從108,000美元下降到93,000美元至97,000美元的範圍以來，得分一直保持在0.1以下。

A score lower than 0.5 signals distribution (selling) instead of accumulation. A value lower than 0.1 highlights more intense selling pressure in the market.

得分低於0.5信號分佈（銷售）而不是累積。低於0.1的價值突出了市場上更強烈的銷售壓力。

Another factor limiting Bitcoin’s price movement is the decrease in market liquidity. On-chain transfer volumes have dropped to $5.2 billion daily, a 47% decline from peak levels during the rally to all-time highs.

限制比特幣價格變動的另一個因素是市場流動性的下降。每天的鏈轉移量下降到52億美元，從集會期間的峰值水平下降到47％。

The active address count has also decreased by 18%. It has fallen from 950,000 in November 2024 to 780,000 currently.

主動地址計數也減少了18％。它已從2024年11月的950,000下降到目前的780,000。

The Bitcoin futures market shows similar cooling trends. Open interest has dropped 24% from $71.85 billion to $54.65 billion, with funding rates also declining.

比特幣期貨市場顯示出類似的冷卻趨勢。開放利息已從718.5億美元降至546.5億美元，資金利率也下降了24％。

This combination of deleveraging and liquidity contraction limits the market’s ability to push past $90,000. There are simply not enough buy orders to absorb the sell orders at these price levels.

去槓桿化和流動性收縮的這種結合限制了市場推高90,000美元的能力。根本沒有足夠的購買訂單來吸收這些價格水平的賣出訂單。

Lack of Demand

缺乏需求

The market also faces a lack of new demand. Glassnode data shows that the current bull cycle isn’t seeing many new buyers enter the market. The Cost Basis Distribution Heatmap shows supply concentration at higher price levels ($100,000-$108,000) but no large influx of buyers at lower levels.

市場還面臨缺乏新需求。玻璃節數據顯示，當前的公牛週期沒有看到許多新買家進入市場。成本基礎分配熱圖顯示供應集中在較高的價格水平（$ 100,000- $ 108,000），但沒有大量的買家在較低水平上湧入。

Adding to the market complexity is the upcoming expiry of $16.5 billion in Bitcoin options on March 28. This represents a record-breaking monthly options expiry that could affect the price in either direction.

3月28日，即將到來的比特幣期權，即將到期165億美元的到期。這代表了創紀錄的每月期權到期，可能會影響任何一個方向的價格。

Currently, call (buy) options stand at $10.5 billion, while put (sell) options are at $6 billion. However, $7.6 billion of these call options are set at $92,000 or higher, requiring a 6.4% price increase to become viable.

目前，致電（買）期權為105億美元，而看跌期權為60億美元。但是，這些電話期權中有76億美元設定為$ 92,000或更高，需要增加6.4％的價格才能使其可行。

For bears to minimize their losses, they need to push Bitcoin below $84,000 before the March 28 expiry. This would increase the value of put options and strengthen their position.

為了使熊減少損失，他們需要在3月28日到期之前將比特幣低於84,000美元。這將提高PUT期權的價值並加強其位置。

Bulls, on the other hand, can maximize their gains by driving the price above $90,000. This could create momentum for a bullish trend in April, especially if inflows into spot Bitcoin ETFs resume at a strong pace.

另一方面，公牛可以通過以90,000美元的價格推動價格來最大化其收益。這可能會在四月份為看漲趨勢創造動力，尤其是如果以很強的速度流入斑點比特幣ETF。

Despite current challenges, long-term holders still retain about 4

儘管目前面臨挑戰，但長期持有人仍然保留大約4