比特幣（BTC）範圍在本週的$ 90K總結上，比特幣（BTC）範圍在3天內下降了12.6％

比特幣（BTC）長時間的播放範圍超過$ 90K，本週毫無疑問地結束了總結，如何？

Bitcoin (BTC) has seen a swift bearish correction this week, following a prolonged period of range-bound trading above the $90,000 level.

比特幣（BTC）在本週的範圍內交易長期超過90,000美元之後，本週進行了迅速的看跌更正。

The cryptocurrency dropped 12.6% in the first three days of the week (according to UTC time), the largest such decline since November 2022, when the FTX bankruptcy unfolded, according to data from TradingView.

根據TradingView的數據，加密貨幣在一周的前三天（根據UTC時）下降了12.6％，這是2022年11月FTX破產以來的最大下降。

The sell-off comes as investors are growing increasingly disappointed over the lack of swift action from President Donald Trump's administration in creating the promised national Bitcoin reserve and tightening fiat liquidity conditions, as CoinDesk reported earlier this month.

正如Coindesk本月早些時報導的那樣，由於投資者對唐納德·特朗普總統在創建承諾的國家比特幣儲備並收緊法定流動性條件方面缺乏迅速行動的迅速行動的迅速行動越來越令人失望。

Institutional demand for the largest cryptocurrency and its second-largest peer, ether (ETH), has weakened, pushing the CME futures market closer to backwardation, a market condition where spot prices are higher than prices for futures.

機構對最大的加密貨幣和其第二大同行Ether（ETH）的需求削弱了，使CME期貨市場更接近落後，這是現貨價格高於期貨價格的市場條件。

Nasdaq, the Wall Street's tech-heavy index, has also come under pressure, adding to Bitcoin's woes.

納斯達克（Nasdaq）是華爾街（Wall Street）的高科技指數，也承受著壓力，增加了比特幣的困境。

Now, the path of least resistance appears to be on the downside, as the Trump tariffs story could heat up again with the March 4 deadline for tariffs against Canada and Mexico approaching. The first shots fired earlier this month had already led to a broad-based risk-off mood.

現在，阻力最小的道路似乎處於不利地位，因為特朗普的關稅故事可能會隨著3月4日對加拿大和墨西哥的關稅的截止日期的臨近而再次加劇。本月早些時候開槍的第一批鏡頭已經導致了廣泛的冒險情緒。

However, bulls shouldn't pin their hopes on Friday's core PCE

但是，公牛不應該在周五的核心PCE上寄出希望

Those pinning hopes on Friday's U.S. "core" Personal Consumption Expenditures (PCE) index – the Fed's preferred inflation measure – to put a floor on risk assets might face disappointment, according to Noelle Acheson, author of the "Crypto is Macro Now" newsletter.

據《加密貨幣是宏觀現在的宏》新聞通訊的作者諾埃爾·阿切森（Noelle Acheson）表示，這些希望在周五的美國“核心”個人消費支出（PCE）指數（PCE）指數（PCE）指數（PCE）指數（PCE）指數可能面臨失望。

The core PCE, which excludes the volatile food and energy components, is expected to have risen 2.6% year-on-year in January, down from December's 2.8%, according to FactSet's consensus estimates quoted by Morningstar. Typically, slower inflation is associated with a greater probability of Fed rate cuts and risk-on.

根據Factset的共識估計，核心PCE排除了揮發性食品和能源組成部分，預計1月份將同比增長2.6％，比12月的2.8％下降。通常，通貨膨脹率較慢與削減稅率和風險的可能性更大。

But this time around, markets could look past the expected soft reading and focus on the ongoing uptick in the forward-looking inflation metrics. For instance, the Conference Board's consumer confidence for February released this week showed a surge in one-year inflation expectations to 6% from 5.2%. That's quite a jump. The two- and five-year inflation swaps have also been rising, as CoinDesk reported earlier this month.

但是這次，市場可以超越預期的軟閱讀，並專注於前瞻性通貨膨脹指標的持續增長。例如，會議委員會對2月份發布的消費者信心本週發布，一年期預期的增長幅度從5.2％起到6％。這是一個很大的跳躍。正如科德斯克本月初報導的那樣，兩年和五年的通貨膨脹掉期也在上升。

According to Acheson, that could be seen by markets as a sign of economic weakness.

根據艾奇森的說法，市場可以將其視為經濟弱點的標誌。

"Anyway, even if the PCE comes in softer than forecast, it could be taken as confirmation of slowing growth, sending markets into another whirlwind of concern," Acheson said in Wednesday's edition of the newsletter shared with CoinDesk.

阿奇森在周三版的《新聞通訊》中說：“無論如何，即使PCE比預測更柔和，也可以將其視為增長放緩的確認，將市場送入另一個關注的旋風。”

"So, this bad mood is largely macro-driven," Acheson added, highlighting her concerns over tariffs, high corporate valuations and overexposure of portfolios to AI.

阿奇森補充說：“因此，這種不良的情緒在很大程度上是宏觀驅動的，”她強調了她對關稅，高公司估值和投資組合過度暴露於AI的擔憂。

However, Acheson believes crypto could soon find its footing, thanks to Bitcoin's dual appeal as a risk asset and a haven, similar to digital gold.

但是，阿奇森認為，由於比特幣的雙重吸引力是風險資產和天堂，類似於數字黃金，因此加密貨幣很快就會找到立足點。

"For most portfolios, the risk-asset/safe haven duality suggests that there is a price at which new longer-term investors will start to come in – this encourages traders to come back in, also," Acheson noted.

Acheson指出：“對於大多數投資組合而言，風險資產/避風港雙重性表明，新的長期投資者將開始進來的代價 - 這鼓勵交​​易者重新進來。”

Potential support levels/demand zones

潛在的支持水平/需求區域

According to technical analysis theory, a downside breakout of a prolonged range play, as seen in BTC, usually leads to a notable drop, equivalent to the breadth of the range. In other words, the downside breakout of the $90K-$110K range implies a potential for a slide to $70,000.

根據技術分析理論，如BTC所示，長時間範圍遊戲的下行突破通常會導致顯著下降，相當於該範圍的廣度。換句話說，$ 90K- $ 110K的下行突破意味著幻燈片的潛力至70,000美元。

"In a worst-case scenario, Bitcoin could drop to the $72,000-$74,000 range, where a rebound will likely occur," Markus Thielen, founder of 10x Research, said in a note to clients Wednesday, noting bitcoin's lagged correlation to the global central bank liquidity indicator.

10倍研究的創始人馬庫斯·蒂倫（Markus Thielen）在周三在給客戶的一份情況下說：“在最壞的情況下，比特幣可能會降至72,000- $ 74,000的範圍，可能會發生反彈。”

That said, BTC rose to $86,000 at press time, having tested a supposed demand zone at around $82,000, suggested by Markus Thielen, founder of 10x Research, in Wednesday's client note.

也就是說，在周三的客戶註釋中，BTC在發稿時上漲了86,000美元，在10倍研究的創始人Markus Thielen提出，在周三的客戶note中提出了大約82,000美元的需求區。

According to Thielen, the potential demand zone is around $82,000, as suggested by an on-chain metric called the short-term holders' realized price – the average price at which addresses holding coins for less than 155 days have purchased their BTC.

根據蒂倫（Thielen）的說法，潛在需求區約為82,000美元，這是一個名為“短期持有人實現的價格”的鏈量學指標，這是在不到155天購買其BTC的平均價格。

"Historically, bitcoin rarely trades below this (short-term holders' realized price] level in bull markets for extended periods, whereas, in bear markets, it tends to stay below it for longer durations. During the summer 2024 consolidation, bitcoin dropped $9,616 below this metric, now at $92,800," Thielen

“從歷史上看，比特幣很少在牛市的牛市（短期持有人的實現價格）長期水平以下，而在熊市中，它往往會在較長的持續時間內保持在更長的持續時間之下。在2024年夏季合併中，比特幣在這個標準下跌至92,800美元，theielennielenennielenennielenneenennelennelennelennelennelennelennelen nielenen nielenen nielenneen nielenneen nielenneen nielenneen nielen nielen nielen