比特幣（BTC）籃板從當天的低價81,500美元到超過88,000美元

根據Bitpush數據，在過去的24小時內，比特幣（BTC）從一天中的最低點起反彈，$ 81,500，超過88,000美元

After several days of thrilling fluctuations, risky assets reversed overnight.

經過幾天激動的波動，風險資產倒塌了。

According to Bitpush data, in the past 24 hours, Bitcoin (BTC) rebounded from the lowest point of the day at $81,500 to more than $88,000, with a daily increase of nearly 10%. At the same time, the three major stock indexes narrowed their losses, with the Nasdaq closing down to 0.35%.

根據Bitpush的數據，在過去的24小時內，比特幣（BTC）從一天中的最低點起反彈，$ 81,500至88,000美元以上，每天增加了近10％。同時，三個主要股票指數縮小了損失，納斯達克股票下跌至0.35％。

The tug-of-war between market sentiment and the macroeconomy

市場情緒與宏觀經濟之間的拔河

The recent market is stalemate. After Bitcoin rebounded from the low of $78,000 on February 21 to $95,000, it then fell back to around $81,000. The long and short sides are in a tug of war, and the market direction is unclear. Although Trump's "pro-crypto" statement once boosted market confidence, its impact was ultimately short-lived and failed to reverse the overall market weakness. Potential macroeconomic risks are still the "Sword of Damocles" hanging over the market.

最近的市場是僵局。在比特幣從2月21日的78,000美元的低點反彈到95,000美元之後，它降至約81,000美元。長邊和短方面正在拖拉戰爭，市場方向尚不清楚。儘管特朗普的“親克賴特托”聲明曾經提高了市場信心，但其影響最終是短暫的，未能扭轉整體市場弱點。潛在的宏觀經濟風險仍然是市場上懸掛的“達馬克爾之劍”。

Ki Young Ju, CEO of CryptoQuant, believes that the Bitcoin market may continue to linger in a downturn until there is a substantial improvement in US market sentiment. Under the influence of multiple factors such as unclear regulatory policies, complex and changing macroeconomic environment, and continued volatility in investor sentiment, it remains unknown whether Bitcoin can maintain a high level for a long time. Before a stronger market catalyst emerges, Bitcoin may continue to fluctuate in a wide range, and investors need to pay close attention to market trends and capture key signals.

CryptoQuant首席執行官Ki Young Ju認為，比特幣市場可能會繼續流連忘返，直到美國市場情緒有了很大的改善為止。在多種因素的影響下，例如不清楚的監管政策，複雜和變化的宏觀經濟環境以及投資者情緒的持續波動，仍然未知比特幣是否可以長期保持高水平。在更強大的市場催化劑出現之前，比特幣可能會繼續在廣泛的範圍內波動，投資者需要密切關注市場趨勢並捕獲關鍵信號。

After the $90,000 mark was lost, bulls faced severe challenges

損失了90,000美元的大關後，公牛面臨嚴重的挑戰

Despite the market's repeated attempts to rebound, Bitcoin and the entire cryptocurrency market remain under pressure and have failed to effectively establish a sustained upward trend. Many analysts have warned that if bulls want to reverse the downward trend, they must take action as soon as possible to regain key points, otherwise Bitcoin may face the risk of further decline.

儘管市場反復反彈，但比特幣和整個加密貨幣市場仍處於壓力下，並且未能有效地建立持續的上升趨勢。許多分析人士警告說，如果公牛想要扭轉下降趨勢，他們必須盡快採取行動重新恢復要點，否則比特幣可能會面臨進一步下降的風險。

However, Ki Young Ju believes that it may be too early to assert that the bull market cycle has ended. CryptoQuant's on-chain data shows that the market's on-chain activity remains relatively flat and key indicators are neutral, indicating that despite the recent market weakness, the overall bull market pattern may not have been disrupted. In addition, Bitcoin's fundamentals remain solid, and more mining machines continue to come online, which also reflects that major market participants still have confidence in Bitcoin's long-term prospects.

但是，Ki Young Ju認為，斷言牛市週期已經結束可能還為時過早。 CryptoQuant的鍊鍊數據表明，市場的鍊鍊活動仍然相對平坦，關鍵指標是中性的，表明儘管最近市場疲軟，但總體牛市市場模式可能並未受到干擾。此外，比特幣的基本面仍然堅固，更多的採礦機繼續上線，這也反映了主要的市場參與者仍然對比特幣的長期前景充滿信心。

Ju further pointed out that if this round of bull market cycle ends here, it may not be a result that the main stakeholders in the market would like to see, including early entrants of "whale" investors, large mining companies, traditional financial institutions, and US President Trump, who publicly expressed support for cryptocurrencies. Retail investors are usually considered to be late entrants in the bull market cycle, and at this stage, their market behavior may not be enough to dominate the market direction.

JU進一步指出，如果這一輪牛市週期在這裡結束，則可能不是市場上的主要利益相關者希望看到的，包括“鯨魚”投資者，大型礦業公司，傳統金融機構和美國總統特朗普的早期參與者，他們公開表示支持加密貨幣。散戶投資者通常被認為是牛市週期中的晚期參與者，在此階段，他們的市場行為可能不足以主導市場方向。

$85,000 becomes a key liquidity test, will the historical cycle repeat itself?

$ 85,000成為一個關鍵的流動性測試，歷史週期會重演嗎？

TradingView analysts believe that the more critical support level for BTC in the short term is still $85,000, a level that has played a vital role in the market game in recent weeks.

TradingView分析師認為，短期內BTC的更關鍵支持水平仍然是85,000美元，這一水平在最近幾週在市場遊戲中起著至關重要的作用。

If Bitcoin continues to trade below $85,000 in the next few days, it may trigger a larger-scale market sell-off. The concentrated release of selling pressure may cause the currency price to accelerate downward and further confirm the bearish momentum of the market. At that time, Bitcoin may face the risk of testing lower support levels.

如果比特幣在接下來的幾天內繼續以低於85,000美元的價格交易，則可能會引發大規模的市場拋售。銷售壓力的集中釋放可能會導致貨幣價格向下加速，並進一步確認市場的看跌勢頭。當時，比特幣可能面臨測試較低支持水平的風險。

Quinten posted on the X platform: Looking back at history may provide us with some inspiration. In the last bull market cycle, Bitcoin experienced seven large corrections, with the correction ranges being: -17%, -17%, -32%, -26%, -28%, -51%, and -25%. Each correction has caused market panic, making people feel that the "bear market" has arrived. Whenever the price drops sharply, the market is always full of arguments that "Bitcoin is dead". However, history has proven that Bitcoin has finally successfully broken through resistance and continued to climb upward. It is true that history will not simply repeat itself, but it is often surprisingly similar.

Quinten發佈在X平台上：回顧歷史可能會為我們提供一些靈感。在最後一個牛市週期中，比特幣經歷了七次大型更正，校正範圍為：-17％，-17％，-32％，-26％，-28％，-28％，-51％和-25％。每次更正都引起了市場恐慌，使人們感到“熊市”已經到來。每當價格急劇下降時，市場總是充滿“比特幣死亡”的爭論。然而，歷史證明，比特幣終於成功地通過抵抗力破壞了，並繼續向上攀升。的確，歷史不會簡單地重複自己，而是令人驚訝的相似。

On the whole, the two key price levels of $85,000 and $90,000 will become the focus of competition between the bulls and bears in the short-term market. Investors need to pay close attention to the gains and losses of these two points in order to judge the next direction of the market.

總體而言，兩個關鍵價格水平為85,000美元和90,000美元，將成為公牛與熊隊在短期市場中競爭的重點。投資者需要密切關注這兩個點的收益和損失，以判斷市場的下一個方向。

According to analyst Master Ananda, the current market action is very “interesting” and sends out some useful signals to highlight:

根據分析師Ananda的說法，當前的市場行動非常“有趣”，並發出了一些有用的信號以突出顯示：

The bottom may have been found: Last week, Bitcoin fell sharply by 28% from

底部可能已經發現：上週，比特幣從