儘管價格掙扎，但比特幣[BTC]長期持有人拒絕出售

自從達到109k美元以來，比特幣[BTC]一直在努力保持向上的動力。在此期間，隨著BTC價格繼續波動，波動率激增。

Bitcoin (BTC) price has struggled to regain bullish momentum since hitting $109k, and volatility has surged as the crypto continues to fluctuate in a limited trading range.

自從達到10.9萬美元以來，比特幣（BTC）的價格一直在努力恢復看漲的勢頭，並且隨著加密貨幣在有限的交易範圍內波動，波動率激增。

Despite this heightened fluctuation, Long Term Holders (LTHs) have refused to close their positions, as per CryptoQuant.

儘管波動增加了，但長期持有人（LTHS）還是拒絕關閉其位置，根據加密量。

According to the crypto analytics platform, the Inactive Supply Shift Index (ISSI) suggests that there’s no significant selling pressure from LTHs.

根據加密分析平台的說法，不活動的供應轉移指數（ISSI）表明，LTHS沒有巨大的銷售壓力。

Thus, there’s structural demand outpacing supply. Smart money isn’t exiting, but strategically positioning for the next Bitcoin’s trajectory.

因此，有結構性需求超過供應。聰明的錢不是退出，而是在戰略上為下一個比特幣的軌跡定位。

Historically, when LTHs hold their trade, it reflects strong conviction which often precedes major price expansions. Conversely, when they begin to distribute, they are typically done with major accumulations and it aligns with market tops.

從歷史上看，當LTHS進行貿易時，它反映了強烈的信念，這通常是在主要價格上漲之前。相反，當它們開始分發時，它們通常是通過主要積累來完成的，並且與市場頂部保持一致。

Therefore, if the LTHs are not selling, it suggests market confidence among this cohort. However, although LTHs are optimistic, short-term holders are not.

因此，如果LTHS不出售，它表明該隊列中的市場信心。但是，儘管LTH是樂觀的，但短期持有人卻不是。

As such, the STH realized price is set around $92K, putting this cohort at a loss since the 6th of March.

因此，STH實現的價格定為92,000美元，這使該隊列自3月6日以來虧損。

Periods of uncertainty are usually difficult for weaker hands, often forcing them to capitulate. This suggests that there’s different market behavior from LTHs and STHs.

對於較弱的手來說，不確定性時期通常很難，通常迫使它們屈服。這表明與LTH和STH的市場行為不同。

What BTC charts suggest

BTC圖表的建議

Based on the analysis provided by CryptoQuant, there’s no significant selling pressure from long-term holders.

基於加密量的分析，長期持有人沒有明顯的銷售壓力。

According to AMBCrypto’s analysis, activities on the sell side have drastically declined. We can see this shift as Bitcoin’s Fund Flow Ratio has declined from 0.12 to 0.05.

根據Ambcrypto的分析，賣出方面的活動急劇下降。我們可以看到這種轉變，因為比特幣的基金流量比從0.12下降到0.05。

This drop suggests that fewer funds are flowing into exchanges, thus there is less immediate sell pressure from holders. As such, LTHs might be accumulating or holding, which reduces the likelihood of a large sell-off.

這次下降表明，資金較少，流入交易所，因此持有人立即銷售壓力較小。因此，LTHS可能正在積累或持有，從而降低了大量拋售的可能性。

This reduced selling pressure is further evidenced by the declining stock-to-flow ratio. Bitcoin’s SFR has dropped from 43k to 42k over the past week.

股票與流量比率下降進一步證明了這種降低的銷售壓力。在過去的一周中，比特幣的SFR從43K下降到42K。

When supply declines while demand remains constant or rises, prices are likely to rise.

當需求下降時需求持續或上升時，價格可能會上漲。

Therefore, the current market conditions show that although there’s selling activity, the demand side is gradually absorbing it.

因此，當前的市場狀況表明，儘管有銷售活動，但需求方逐漸吸收了它。

With LTHs refusing to sell while STH is capitulating, it suggests a continued consolidation.

隨著LTH拒絕在STH屈服時出售，這表明持續合併。

If sellers and buyers continue to battle, we could see Bitcoin continue to trade between $82k and $87k. However, a breakout above this range could push the king crypto towards $92k, which is STH’s realized price.

如果賣家和買家繼續戰鬥，我們可以看到比特幣繼續在82,000美元至8.7萬美元之間進行交易。但是，超過此系列的突破可能會將國王加密貨幣推向92,000美元，這是STH實現的價格。