比特幣（BTC）目前正在超過關鍵支持

比特幣目前的交易高於關鍵支持，但公牛隊正在努力收回90000美元的水平，這一門檻可能標誌著有意義的恢復集會的開始。

Bitcoin (BTC) is trading above critical support but bulls are yet to reclaim the $90,000 level, a threshold that could signal the start of a meaningful recovery rally. Despite brief rebounds, the crypto behemoth remains under pressure as market sentiment remains fragile.

比特幣（BTC）的交易高於關鍵支持，但公牛尚未收回90,000美元的水平，這一門檻可能標誌著有意義的恢復集會的開始。儘管有短暫的籃板，但由於市場情緒仍然脆弱，加密龐然大物仍然處於壓力下。

The cryptocurrency is now down 22% from its all-time high, and momentum continues to lean bearish. Macroeconomic instability and trade war fears drive widespread market uncertainty, putting further strain on crypto markets.

現在的加密貨幣比歷史最高水平下降了22％，動量繼續傾斜看跌。宏觀經濟不穩定和貿易戰的恐懼帶來了廣泛的市場不確定性，這對加密貨幣市場產生了進一步的壓力。

With US President Donald Trump’s recent announcement of new tariffs and his erratic behavior continuing to shake financial markets, risk assets like Bitcoin are slipping deeper into volatility.

隨著美國總統唐納德·特朗普（Donald Trump）最近宣布新的關稅，而他不穩定的行為繼續搖晃金融市場，比特幣這樣的風險資產正在更深入地變成波動。

Crucially, on-chain data from CryptoQuant indicates that the Price to Distribution by Realized Supply Ratio is at a historically low level. This metric, which compares Bitcoin’s price to realized supply, typically signals one of two outcomes: either a local bottom in a bull market or the early stages of a bear market.

至關重要的是，來自加密量的鍊鍊數據表明，通過已實現的供應比的分配價格在歷史上處於較低水平。該指標將比特幣的價格與實現的供應進行了比較，通常標誌著兩個結果之一：牛市的本地底部或熊市的早期階段。

Bitcoin faces a crucial test as selling pressure appears to be mounting once again. If bulls can’t regain control soon, the market could slip into a broader correction.

比特幣面臨著重要的測試，因為銷售壓力似乎再次持續。如果公牛無法盡快恢復控制權，那麼市場可能會採取更廣泛的糾正。

Bitcoin Correction Deepens Amid Economic Turmoil

經濟動蕩的比特幣校正會加深

Bitcoin is trading at critical levels, showing signs that the correction phase which began in January may not be over yet.

比特幣正在關鍵水平上進行交易，表明一月份開始的校正階段可能還沒有結束。

The cryptocurrency is now trading at $84,200, still at a high price point but showing signs of weakness.

加密貨幣現在的交易價格為84,200美元，仍然處於高價，但顯示出虛弱的跡象。

Bitcoin is trading at critical levels, showing signs that the correction phase which began in January may not be over yet.

比特幣正在關鍵水平上進行交易，表明一月份開始的校正階段可能還沒有結束。

The cryptocurrency is now down 22% from its all-time high, and momentum continues to lean bearish. Macroeconomic instability and trade war fears drive widespread market uncertainty, putting further strain on crypto markets.

現在的加密貨幣比歷史最高水平下降了22％，動量繼續傾斜看跌。宏觀經濟不穩定和貿易戰的恐懼帶來了廣泛的市場不確定性，這對加密貨幣市場產生了進一步的壓力。

Global financial markets are being battered by tariffs and growing geopolitical tensions, pushing risk assets like Bitcoin to face sellers at higher levels. Investors are becoming increasingly cautious, with many analysts now warning of a potential recession.

全球金融市場受到關稅和越來越多的地緣政治緊張局勢的打擊，將像比特幣這樣的風險資產推向了較高水平的賣家。投資者越來越謹慎，許多分析師現在警告潛在的衰退。

As a result, safe havens such as gold (GLD) are rallying, while equities continue to slide—a classic signal of risk-off sentiment. In this environment, Bitcoin is struggling to regain bullish momentum, unable to break above critical resistance zones.

結果，諸如黃金（GLD）之類的避風港正在集會，而股票繼續滑落，這是一個經典的風險信號。在這種環境中，比特幣正在努力恢復看漲的勢頭，無法超越關鍵阻力區。

However, Top analyst Axel Adler shared important insights supporting a cautious outlook. He pointed to a key on-chain metric that tracks Bitcoin’s price in relation to its “realized supply.”

但是，頂級分析師阿克塞爾·阿德勒（Axel Adler）分享了支持謹慎前景的重要見解。他指出了一個關鍵的鏈度指標，該指標跟踪比特幣的價格與其“已實現供應”有關。

The chart uses a 30-day simple moving average (SMA-30D) of this ratio, represented by a purple line. Historically, when this line drops below a defined lower boundary, it has indicated either a local correction bottom or the start of a bear market—both times Bitcoin was significantly undervalued.

該圖使用該比率的30天簡單移動平均線（SMA-30D），以紫色線表示。從歷史上看，當這條線降至定義的下邊界以下時，它表明了局部校正底部或熊市的開始 - 兩次比特幣都被大大低估了。

The chart highlights two previous instances of this signal during major correction phases: one following the COVID-19 crash and another during the mining ban in China.

該圖表突出了該信號在重大校正階段之前的兩個實例：一個在Covid-19崩潰之後，另一個在中國的採礦禁令期間。

Currently, the indicator is once again nearing these historic levels, suggesting that Bitcoin may be undervalued. However, whether this marks the end of the correction or the beginning of a deeper bear cycle remains unclear.

目前，該指標再次接近這些歷史性水平，表明比特幣可能被低估了。但是，這是否標誌著校正的終結或更深的熊週期的開始尚不清楚。

As uncertainty persists, all eyes remain on Bitcoin’s next move—with $81K acting as key support and $90K the level bulls must reclaim to shift sentiment.

隨著不確定性的持續存在，所有人都關注比特幣的下一步行動 - 81k $ 81K充當關鍵支持，而$ 90K的公牛必須收迴轉移情緒。

Technical Details: BTC Trades Below Key Moving Averages

技術詳細信息：BTC在關鍵移動平均值下進行交易

Bitcoin is trading at $84,200 after several days of heightened volatility and sustained selling pressure. The recent pullback has pushed BTC below the 200-day moving average (MA) and exponential moving average (EMA), both of which are currently positioned around the $86,500 level.

經過數天的波動和持續的銷售壓力，比特幣的交易價格為84,200美元。最近的回調將BTC推向了200天的移動平均線（MA）和指數移動平均線（EMA），這兩者目前都位於86,500美元左右。

These indicators now act as key resistance, and bulls must reclaim and hold above them to shift momentum back in their favor. A successful move above $86,500 would be a strong technical signal, potentially opening the path to retest the $90,000 level—a key psychological and structural barrier.

這些指標現在是關鍵的抵抗力，公牛必須在上面奪回並握住他們，以轉移動力以對他們有利。超過86,500美元的成功舉動將是一個強烈的技術信號，有可能為重新測試90,000美元的水平開闢道路，這是一個關鍵的心理和結構性障礙。

However, failure to reclaim these moving averages in the coming sessions would likely reinforce bearish sentiment and could lead to increased selling pressure.

但是，未能在即將到來的會議上收回這些移動平均值可能會加劇看跌的情緒，並可能導致銷售壓力增加。

If bulls lose control of the current support zone, a drop below the $81,000 mark becomes increasingly likely. This would mark a continuation of the correction that began in January and could drive Bitcoin into deeper consolidation or even a broader downtrend.

如果公牛失去對當前支持區的控制，那麼低於$ 81,000的跌幅就會越來越有可能。這將標誌著一月份開始的更正的延續，可能會使比特幣進入更深層次的整合甚至更大的下降趨勢。