比特幣（BTC）貿易商為歷史性月度期權的到期做準備

比特幣（BTC）貿易商正在為歷史性月度期權的到期做準備。 3月28日，將解決165億美元的開放利息。

Bitcoin traders are gearing up for the expiration of a historic monthly options series on March 28, which will see $16.5 Billion in open interest settled.

比特幣交易者正在為3月28日的歷史性月期期權系列的到期準備工作，該期權系列將有165億美元的開放興趣。

At the upcoming expiry, which sees bulls and bears clashing around the $90,000 level as the tide shifts, buyers are aiming to push BTC higher. Meanwhile, sellers are focused on regaining control below $84,000.

在即將到來的到期時，隨著潮汐的轉變，公牛並承受了90,000美元的衝突，買家的目標是將BTC提高。同時，賣方專注於重新獲得低於84,000美元的控制權。

The massive expiry is putting pressure on both sides to influence the market.

大規模的到期正向雙方施加壓力，以影響市場。

According to Laevitas, $10.5 Billion in call (buy) options and $6 Billion in put (sell) options are set to expire. However, nearly $7.6 Billion of those calls will require Bitcoin to rise above $92,000 to become profitable.

根據Laevitas的說法，將有105億美元的電話（買入）期權和60億美元的看跌期權（賣出）期權到期。但是，這些電話中有近76億美元將要求比特幣上漲92,000美元以上的盈利。

With BTC currently trading around $86,000, it places the majority of the most bullish positions out of the money.

由於BTC目前的交易約為86,000美元，因此將大多數看漲的位置置於這筆錢中。

If the token manages to stay above around $86,500 at expiry, only $2 Billion in put options will remain active.

如果令牌設法在到期時設法保持在86,500美元左右，則只有20億美元的看漲期權將保持活躍。

But, a drop below $84,000 could see that figure increase to $2.6 Billion—giving the bears a stronger hand heading into expiry. This creates a small and volatile price zone, which is likely to see both sides pushing the spot price ahead of Friday’s close.

但是，低於84,000美元的下跌可能會看到這一數字增加到26億美元，這使熊隊的手變得更加強大。這創造了一個小且波動的價格區，這很可能會看到雙方在周五結束之前將現貨價格推高。

Bitcoin struggles under key resistance

比特幣在關鍵阻力下掙扎

After reaching a high of $88,752 on March 24, Bitcoin has failed to break through the $88,000 barrier.

在3月24日達到88,752美元的高價之後，比特幣未能突破88,000美元的障礙。

The 1-hour chart shows a pattern of lower highs and lower lows, indicating weakness in the asset’s short-term trend.

1小時的圖表顯示了較低的高點和較低的低點模式，表明資產短期趨勢的弱點。

Those short-term price movements are also putting pressure on those holding onto Bitcoin for less than 15 days.

這些短期價格變動也給那些持有比特幣的人施加壓力不到15天。

According to Glassnode’s “Week On-chain” report, short-term holders (STHs) are now sitting on 3.4 million BTC in unrealized losses.

根據GlassNode的“週鏈”報告，短期持有人（STHS）現在正遇到340萬BTC的未實現損失。

That’s the highest volume of STH-held supply in loss since July 2018. It’s also a significant increase from the 2.4 million BTC in unrealized loss reported last month.

這是自2018年7月以來的STH控制損失供應量最高。與上個月未實現的損失的240萬BTC相比，這也是顯著的增長。

The report also highlighted that Bitcoin’s accumulation trend score remains low, at less than 0.1, indicating strong selling pressure.

該報告還強調，比特幣的累積趨勢得分仍然低於0.1，表明銷售壓力很大。

Onchain transfer volumes decreased by 47% to $5.2 Billion daily. At the same time, active addresses decreased by 18% from 950,000 in November 2024 to 780,000.

OnChain轉移量減少了47％，至52億美元。同時，主動地址從2024年11月的950,000下降到780,000。

This signals a decrease in both large-scale and small-scale trading activity within the Bitcoin network.

這表明比特幣網絡中的大規模和小規模交易活動都在減少。

What are the bulls saying?

公牛在說什麼？

Although liquidity is drying up and short-term holders are facing losses, bullish traders still see a path for a rebound.

儘管流動性正在枯竭，而短期持有人面臨損失，但看漲的商人仍然看到了反彈的道路。

Their optimism is focused on a potential catalyst for an uptrend, which could be triggered by central bank monetary expansion or renewed institutional demand.

他們的樂觀態度集中在上升趨勢的潛在催化劑上，這可能是由中央銀行的貨幣擴張或更新的機構需求引起的。

The integration of cryptocurrency assets by companies like GameStop (NYSE:GME), which recently announced adding Bitcoin (BTC) to its treasury, is another point of contention.

GameStop（NYSE：GME）等公司最近宣布將比特幣（BTC）添加到其財政部的公司的公司集成，這是另一個爭論點。

Recently, GameStop (GME) and Rumble (NASDAQ:RUM) announced plans to invest in Bitcoin, while Japan-listed Metaplanet (TYO:3350) has also added the token to its balance sheet.

最近，GameStop（GME）和Rumble（NASDAQ：RUM）宣布了投資比特幣的計劃，而日本上市的Metaplanet（TYO：3350）也將令牌添加到其資產負債表中。

On the technical side, trader Batman spotted a $39 Million cluster of short liquidations pending around $89,000 on Binance.

在技​​術方面，Trader Batman發現了3,900萬美元的短清算集群，持續約89,000美元。

“Liquidity drives the market,” he said, adding that the area could see a "beastial" move if it’s tested.

他說：“流動性驅動了市場。”他補充說，如果經過測試，該地區可能會看到“野獸”的舉動。

Paxton, meanwhile, pointed to a breakout from a pennant pattern on the 4-hour chart.

同時，帕克斯頓（Paxton）指出了4小時圖表上的五角旗圖案的突破。

“We’ll watch its next move to call the trend.”

“我們將觀看下一步行動來召集趨勢。”

Bitcoin traders brace for post-expiry shakeout

比特幣交易員支撐在爆發後搖擺

With $16.5 Billion in open interest set to expire at the end of March and traders expecting a surge in volatility as we approach the event.

開放興趣的165億美元將於3月底到期，交易者預計隨著我們的活動，貿易商預計波動會激增。

The next 48 hours will be crucial in determining the fate of Bitcoin and its direction in April.

接下來的48小時對於確定4月的比特幣及其方向的命運至關重要。

Pointing out the weakness in the candlesticks and the strong selling pressure, Altcoin Sherpa shared his thoughts on the short-term outlook for Bitcoin.

Altcoin Sherpa指出了燭台的弱點和強烈的銷售壓力，分享了他對比特幣短期前景的想法。

He highlighted that the weekly structure still favors bears unless Bitcoin manages to close above the $90,000 zone.

他強調，除非比特幣設法超過90,000美元的區域，否則每週的結構仍然有利於熊。

“Not great at all. Still see more potential for downside in this ST timeframe.”

“一點都不好。在這個ST時間範圍內，仍然會看到更多的缺點。”

According to another trader, who specializes in technical analysis, Ben; a breakout above $89,000 could propel Bitcoin towards the $93,000 to $96,000 price levels.

據另一位專門從事技術分析的交易者的說法。超過$ 89,000的突破可能會推動比特幣的$ 93,000至96,000美元的價格水平。

He also noted that the 200-day exponential moving average, currently at $85,570, is providing

他還指出，目前為85,570美元的200天指數移動平均值正在提供