比特幣 (BTC) 顯示出彈性跡象，準備重新測試 98,000 美元阻力位

比特幣（BTC）已顯示出彈性的跡象，儘管近期價格波動，但衍生性商品和保證金數據顯示看漲情緒。

Bitcoin (BTC) price analysis suggests bullish sentiment among derivatives traders despite recent price volatility. As BTC recovers from a Dec.23 low of $92,458 with a 6.5% gain, it faces resistance at $98,000 before targeting $105,000.

比特幣（BTC）價格分析表明，儘管近期價格波動，衍生性商品交易商仍抱持看漲情緒。隨著 BTC 從 12 月 23 日低點 92,458 美元反彈，漲幅為 6.5%，在目標 105,000 美元之前面臨 98,000 美元的阻力。

Key points to note:

需要注意的要點：

Bitcoin futures maintain a 12% premium over spot prices, reflecting strong demand for leveraged long positions.

比特幣期貨比現貨價格維持 12% 的溢價，反映出對槓桿多頭部位的強勁需求。

Options market data shows minimal fear of a correction, as put options trade at a 2% discount compared to call options.

選擇權市場數據顯示，人們對回檔的擔憂微乎其微，因為看跌期權的交易價格比看漲期權低 2%。

The S&P 500 erased December losses, and 10-year Treasury yields rose to 4.59%, indicating market optimism.

標普 500 指數抹去了 12 月的跌幅，10 年期公債殖利率升至 4.59%，顯示市場樂觀。

Higher Treasury yields reflect inflation expectations, benefiting scarce assets like Bitcoin during liquidity injections.

國債殖利率上升反映了通膨預期，在流動性注入期間有利於比特幣等稀缺資產。

The long-to-short margin ratio at OKX stands at 25x, underscoring bullish positioning.

OKX 的多空保證金比率為 25 倍，凸顯了看漲定位。

Historical trends show ratios above 40x signal overconfidence, while levels below 5x indicate bearish sentiment.

歷史趨勢顯示，高於 40 倍的比率表示過度自信，而低於 5 倍的比率則表示看跌情緒。

Bitcoin (BTC) price analysis suggests bullish sentiment among derivatives traders despite recent price volatility. As BTC recovers from a Dec.23 low of $92,458 with a 6.5% gain, it faces resistance at $98,000 before targeting $105,000.

比特幣（BTC）價格分析表明，儘管近期價格波動，衍生性商品交易商仍抱持看漲情緒。隨著 BTC 從 12 月 23 日低點 92,458 美元反彈，漲幅為 6.5%，在目標 105,000 美元之前面臨 98,000 美元的阻力。

Key points to note:

需要注意的要點：

Bitcoin futures maintain a 12% premium over spot prices, reflecting strong demand for leveraged long positions.

比特幣期貨比現貨價格維持 12% 的溢價，反映出對槓桿多頭部位的強勁需求。

Options market data shows minimal fear of a correction, as put options trade at a 2% discount compared to call options.

選擇權市場數據顯示，人們對回檔的擔憂微乎其微，因為看跌期權的交易價格比看漲期權低 2%。

The S&P 500 erased December losses, and 10-year Treasury yields rose to 4.59%, indicating market optimism.

標普 500 指數抹去了 12 月的跌幅，10 年期公債殖利率升至 4.59%，顯示市場樂觀。

Higher Treasury yields reflect inflation expectations, benefiting scarce assets like Bitcoin during liquidity injections.

國債殖利率上升反映了通膨預期，在流動性注入期間有利於比特幣等稀缺資產。

The long-to-short margin ratio at OKX stands at 25x, underscoring bullish positioning.

OKX 的多空保證金比率為 25 倍，凸顯了看漲定位。

Historical trends show ratios above 40x signal overconfidence, while levels below 5x indicate bearish sentiment.

歷史趨勢顯示，高於 40 倍的比率表示過度自信，而低於 5 倍的比率則表示看跌情緒。

Bitcoin's (BTC) price movements are closely followed by derivatives traders, who use futures, options, and margin markets to speculate on the cryptocurrency's price direction. Their activity can provide valuable insights into the overall market sentiment and potential price trends.

比特幣（BTC）的價格走勢受到衍生性商品交易商的密切關注，他們利用期貨、選擇權和保證金市場來推測加密貨幣的價格方向。他們的活動可以提供有關整體市場情緒和潛在價格趨勢的寶貴見解。

Strong Derivatives Demand Hints at Bullish Sentiment

強勁的衍生性商品需求暗示看漲情緒

Bitcoin futures, a derivative instrument that allows traders to speculate on BTC's future price, continue to trade at a premium to the spot market prices. This premium reflects the robust demand among derivatives traders for leveraged long positions, anticipating further price gains.

比特幣期貨是一種衍生工具，允許交易者推測比特幣的未來價格，其交易價格繼續高於現貨市場價格。這項溢價反映了衍生性商品交易者對槓桿多頭部位的強勁需求，預計價格將進一步上漲。

At the time of writing, Bitcoin futures are priced at around $97,800, while the spot market price hovers near $96,600, indicating a premium of about 12%. This observation suggests that a majority of derivatives traders are bullish on BTC's price outlook.

截至撰寫本文時，比特幣期貨價格約為 97,800 美元，而現貨市場價格徘徊在 96,600 美元附近，溢價約為 12%。這項觀察結果表明，大多數衍生性商品交易者看好比特幣的價格前景。

Options Market Data Shows Limited Fear of Correction

期權市場數據顯示對修正的擔憂有限

The options market, another crucial segment of derivatives, provides insights into traders' expectations regarding the magnitude and direction of upcoming price movements. Put options grant traders the right to sell a specific amount of BTC at a set price within a defined period. In contrast, call options allow traders to buy BTC at a specified price within a particular timeframe.

選擇權市場是衍生性商品的另一個重要部分，它提供了交易者對即將到來的價格變動的幅度和方向的預期的見解。看跌期權賦予交易者在規定期限內以設定價格出售特定數量比特幣的權利。相較之下，看漲選擇權允許交易者在特定時間範圍內以指定價格購買 BTC。

Traditionally, traders pay a higher premium for put options if they anticipate a significant price drop, reflecting their preference for downside protection. Conversely, traders tend to pay more for call options when they expect substantial price gains.

傳統上，如果交易者預計價格會大幅下跌，他們就會為看跌期權支付更高的溢價，這反映了他們對下行保護的偏好。相反，當交易者預期價格大幅上漲時，他們往往會為看漲期權支付更多費用。

As of now, the options market is pricing put options at a 2% discount compared to call options, indicating a limited fear of a price correction among options traders. This observation aligns with the bullish sentiment observed in the futures market.

截至目前，選擇權市場看跌期權的定價較看漲期權有 2% 的折扣，這表明期權交易者對價格調整的擔憂有限。這項觀察結果與期貨市場的看漲情緒相符。

Traditional Market Influences: S&P 500 Rally, Rising Treasury Yields

傳統市場影響：標普 500 指數上漲、公債殖利率上升

The United States stock market indices, including the S&P 500 and Dow Jones Industrial Average, erased their December losses and rallied in the first half of January 2023. This recovery from recent lows bodes well for riskier assets, such as Bitcoin (BTC), which often follows the broader market trends.

美國股市指數，包括標準普爾500 指數和道瓊工業平均指數，抹去了12 月的跌幅，並在2023 年1 月上半月反彈。高的資產來說是個好兆頭。

Meanwhile, the 10-year Treasury yields rose to 4.59% on Jan.23, hinting at optimism within the traditional markets. Higher Treasury yields reflect traders' expectations for inflation and economic growth, which bodes well for scarce assets like Bitcoin, especially during periods of liquidity injections.

同時，1月23日10年期公債殖利率升至4.59%，暗示傳統市場的樂觀情緒。較高的國債殖利率反映了交易者對通膨和經濟成長的預期，這對比特幣等稀缺資產來說是個好兆頭，尤其是在流動性注入期間。

Margin Markets Favor Long Positions, but Historical Trends Provide Context

保證金市場有利於多頭頭寸，但歷史趨勢提供了背景

Margin markets, which enable traders to amplify their trading positions by borrowing funds from exchanges, also provide insights into the overall bullish or bearish sentiment.

保證金市場使交易者能夠透過從交易所借入資金來擴大其交易頭寸，也可以提供對整體看漲或看跌情緒的洞察。

For instance, on the OKX exchange, the long-to-short margin ratio for BTC stands at 25x, indicating that traders are predominantly opening long positions (anticipating price increases) at a leverage of 25x, while

例如，在 OKX 交易所，BTC 的多空保證金比率為 25 倍，這表明交易者主要以 25 倍的槓桿開設多頭頭寸（預期價格上漲），而