比特幣（BTC）努力奪回其以前的歷史最高（ATH），超過$ 109,000

比特幣一直在努力恢復其以前的歷史最高（ATH），超過109,000美元，在近兩個星期內保持低於90,000美元的成績。

Bitcoin (BTC) has struggled to reclaim its previous all-time high (ATH) of over $109,000, remaining below the $90,000 mark for nearly two weeks.

比特幣（BTC）一直在努力恢復其以前的歷史最高（ATH），超過109,000美元，在將近兩週的時間內保持低於90,000美元。

After reaching the ATH in January 2025, Bitcoin has faced more bearish pressure, leaving traders uncertain about whether the current bull market has ended or if a new rally could push Bitcoin to fresh highs.

在2025年1月到達ATH之後，比特幣面臨更大的看跌壓力，使交易者不確定目前的牛市是否已經結束，或者新的集會是否可以將比特幣推向新鮮的高點。

One striking development has been a 35% drop in Bitcoin’s open interest. This metric, which tracks the total value of outstanding derivative contracts, has fallen from $57 billion to $37 billion since the ATH.

一個驚人的開發是比特幣的開放興趣下降了35％。該指標跟踪未銷售衍生合同的總價值，自ATH以來已從570億美元降至370億美元。

This steep decline indicates a reduction in speculative trading and hedging activity.

這種急劇下降表明投機交易和對沖活動的減少。

Analysts at Glassnode noted that this decrease in open interest mirrors broader trends of decreasing on-chain liquidity, signaling risk-off sentiment among investors.

GlassNode的分析師指出，開放興趣的下降反映了降低鏈流動性，信號降低投資者的風險情緒的更廣泛趨勢。

The drop in open interest may also indicate that traders are unwinding cash-and-carry trades, where they previously profited from the price difference between the spot and futures markets. This suggests a weakening long-side bias, which could be contributing to downward pressure on Bitcoin’s price.

開放利息的下降還可能表明交易者正在放鬆現金交易，以前他們從現貨和期貨市場之間的價格差異中獲利。這表明長期偏見弱，這可能會導致比特幣價格下降壓力。

Additionally, Bitcoin ETFs have seen outflows, and CME futures closures have chipped away at the positive sentiment, leaving Bitcoin more vulnerable to short-term volatility.

此外，比特幣ETF已經看到了流出，CME期貨的封閉也以積極的情緒消失了，使比特幣更容易受到短期波動的影響。

Another key on-chain metric, the “Hot Supply,” has seen a significant decline from 5.9% to 2.8% of the circulating supply over the past three months. This metric tracks Bitcoin holdings that are one week old or less.

另一個關鍵的鍊鍊指標，“熱供應”，在過去三個月中從5.9％下降到循環供應的2.8％。該公制跟踪比特幣持有量或更少一周的比特幣。

As less newly-acquired Bitcoin is being traded, it contributes to a reduction in the supply of liquid Bitcoin available in the market.

由於交易量不太新的比特幣，因此有助於減少市場上液體比特幣的供應。

Exchange inflows have also dropped significantly, decreasing by 54% from 58,600 BTC per day to 26,900 BTC. This suggests weaker demand, as fewer coins are being moved to exchanges for trading.

交換流入也顯著下降，從每天58,600 BTC減少了54％，增至26,900 BTC。這表明需求較弱，因為將硬幣更少轉移到交易以進行交易。

Lower exchange inflows may decrease sell-side pressure, but the decrease in trading volume could indicate overall market stagnation.

較低的交換流入可能會降低賣方​​壓力，但交易量的減少可能表明總體市場停滯。

Bitcoin is currently trading around $85,462, trying to maintain support above the $85,000 level.

比特幣目前的交易約為85,462美元，試圖維持高於85,000美元的支持。

Market commentators, including the well-known “Unknown Trader,” have pointed out that Bitcoin’s ability to close above the $85,000 level is crucial for maintaining upward momentum.

包括著名的“未知交易者”在內的市場評論員指出，比特幣超過$ 85,000的能力對於保持向上的勢頭至關重要。

The trader also noted that Bitcoin has closed above its 200-day moving average, historically a bullish signal. If Bitcoin can hold above $85,000, a move toward resistance at $90,500-$92,441 may be possible. However, there is also the potential for a rejection at these levels and a retest of the $85,000 support.

交易員還指出，比特幣已關閉超過其200天移動平均線，歷史上是看漲的信號。如果比特幣可以持有超過85,000美元的售價，則可能可能以90,500- $ 92,441的價格朝著阻力邁出。但是，在這些水平上也有可能拒絕，並重新獲得85,000美元的支持。

On a more positive note, CryptoQuant analyst Woominkyu highlighted a potential accumulation phase among U.S. institutional investors.

從更積極的角度來看，加密分析師Woominkyu強調了美國機構投資者的潛在積累階段。

He pointed out a bullish crossover of the 30-day EMA and the 100-day EMA of the Coinbase Premium Index, which has historically signaled price surges. This suggests that institutional investors may be increasing their Bitcoin holdings.

他指出了30天EMA和Coinbase Premium指數的100天EMA的看漲跨界，這歷史上表明了價格飆升。這表明機構投資者可能正在增加其比特幣持有量。

This could be providing support for the ongoing bull market rather than signaling its end.

這可能是為正在進行的牛市提供支持，而不是標誌著其結束。

Overall, while Bitcoin is facing some downward pressure from declining open interest and other on-chain metrics, there are still positive signals suggesting that institutional accumulation could drive the next phase of growth.

總體而言，雖然比特幣面臨著開放興趣和其他鏈上指標的下降壓力，但仍有積極的信號表明機構積累可能會推動下一階段的增長階段。

Traders should closely monitor Bitcoin’s ability to maintain support above key levels to assess whether the bullish momentum will continue or if further consolidation is in store.

交易者應密切監視比特幣保持支持高於關鍵水平的能力，以評估看漲的勢頭是否會繼續下去，或者是否進一步合併。