比特幣（BTC）的交易穩步超過了85,000美元，但勢頭仍然有限

比特幣的交易穩步超過了85,000美元，但上升勢頭仍然有限，因為88,000美元至91,000美元的流動性區域充當了主要阻力。

Bitcoin price has been trading above the $85,000 mark, but its upward momentum has stalled as the $88,000 to $91,000 liquidity zone continues to act as a major resistance. This range, which previously supported price action, has now flipped into a critical barrier that bulls have yet to reclaim.

比特幣的價格已經超過了85,000美元的交易，但其上升勢頭已停滯不前，88,000美元至91,000美元的流動性區繼續充當主要阻力。以前支持價格行動的該系列現在已經陷入了公牛尚未回收的關鍵障礙。

Now, as broader macroeconomic instability and trade war fears keep knocking on investor sentiment, these macro trends are playing a key role in shaping short-term price movements.

現在，隨著更廣泛的宏觀經濟不穩定和貿易戰爭的恐懼不斷震驚投資者的情緒，這些宏觀趨勢在塑造短期價格變動中起著關鍵作用。

On-chain data from CryptoQuant reveals a notable shift in supply dynamics. Over the last five months, supply from major Bitcoin holders, commonly referred to as ‘whales’ with balances above 1,000 BTC, has seen a significant reduction of 290,000 BTC.

來自加密量的鏈上數據揭示了供應動態的顯著變化。在過去的五個月中，主要比特幣持有人的供應通常稱為“鯨魚”，其餘額超過1,000 BTC，已大幅降低了290,000 BTC。

This drawdown, signaled by crypto analyst Axel Adler on X, points to a period of consistent distribution. However, recent metrics suggest that the selling pressure may be slowing down.

加密分析師阿克塞爾·阿德勒（Axel Adler）在X上發出了這一提示，指向一致分佈的時期。但是，最近的指標表明銷售壓力可能正在減慢。

Bitcoin Pivots at Key Level As Whales Show Fatigue

鯨魚表現出疲勞，關鍵水平的比特幣樞軸

Bitcoin is once again at a pivotal level, with bulls attempting to break above the $88,000 mark to spark a renewed rally. After reclaiming support at $85,000, momentum has been building. But a clear breakout seems elusive, and with the $88K level presenting a key technical barrier, a move above it could open the door to retesting the critical $90K-$91K liquidity zone.

比特幣再次處於關鍵水平，公牛隊試圖超過88,000美元的大關以激發新的集會。在以85,000美元的價格收回支持後，勢頭一直在建立。但是，一個明顯的突破似乎難以捉摸，並且$ 88K的水平呈現出關鍵的技術障礙，這一舉動可以為重新測試關鍵的$ 90,000億美元的流動性區打開大門。

However, caution still dominates the market as broader macroeconomic instability continues to weigh on investor sentiment. Ongoing trade war fears and unpredictable policy decisions are keeping financial markets in a state of heightened volatility.

但是，隨著更廣泛的宏觀經濟不穩定繼續壓力投資者的情緒，謹慎仍然佔據主導地位。持續的貿易戰恐懼和不可預測的政策決策正在使金融市場處於波動的狀態。

This macro uncertainty is playing a key role in shaping short-term price movements, keeping traders cautious despite signs of underlying strength. As traders navigate this period of heightened market sensitivity, on-chain metrics offer a deeper structural view of the market.

這種宏觀不確定性在塑造短期價格變動中發揮著關鍵作用，儘管有潛在的力量跡象，但仍保持交易者的謹慎。隨著貿易商在這一時期的市場敏感性時期，鏈上指標提供了更深入的市場結構視圖。

Top analyst Axel Adler shared fresh insights on X, revealing that over the past five months, supply from major players—particularly those with wallet balances exceeding 1,000 BTC—has declined by 290,000 BTC. This structure, spotted in the chart below, suggested consistent selling over several months.

頂級分析師阿克塞爾·阿德勒（Axel Adler）在X上分享了新的見解，表明在過去的五個月中，主要參與者的供應（尤其是那些餘額超過1,000 BTC的人）降低了290,000 BTC。下圖中發現的這種結構表明，幾個月來銷售一致。

But Adler notes that average figures have now started to rise again, signaling a slow but clear shift back toward accumulation. In simpler terms, whales have stopped selling.

但是阿德勒（Adler）指出，平均數字現在已經開始再次上升，這表明緩慢而明顯的轉移向積累。用更簡單的話來說，鯨魚已經停止銷售。

This change in behavior among large holders could provide foundational support for a future rally.

大型持有人的行為變化可以為未來的集會提供基本支持。

While the macro backdrop remains uncertain, the shift in whale activity hints at renewed confidence and a potential transition from distribution to accumulation—a critical signal as Bitcoin approaches one of the most important resistance zones of the current cycle.

雖然宏觀背景仍然不確定，但鯨魚活動的轉移暗示了置信度的重新置信度以及從分佈到累積的潛在過渡 - 這種關鍵信號是比特幣接近當前循環中最重要的電阻區之一。

Bitcoin 200-Day MA Holds Key Support But Pay Attention To $90K

比特幣200天MA擁有關鍵支持，但要注意90k美元

Bitcoin is currently holding above the 200-day moving average (MA) and 200-day exponential moving average (EMA), both converging near the $85,500 level. This zone has acted as a key support area in recent weeks, and bulls must continue to defend it to prevent a deeper drop into lower demand regions.

當前，比特幣的行駛平均線（MA）和200天的指數式移動平均線（EMA）的持有量高於85,500美元的水平。該區域在最近幾週內一直是主要的支持區域，公牛必須繼續為其辯護，以防止更深入的較低需求區域。

For now, the level is holding — but technical support alone won’t be enough to shift momentum. While maintaining the 200-day averages is a positive sign, it becomes meaningless if Bitcoin fails to reclaim the $90,000 level.

就目前而言，水平正在保持 - 但是僅憑技術支持就不足以改變動力。在維持200天平均值的同時，如果比特幣未能收回90,000美元的水平，則毫無意義。

That price zone remains the most critical resistance to watch, serving as a key liquidity area and psychological barrier. Without a decisive breakout above $90K, the current bounce risks losing steam.

該價格區仍然是觀看的最關鍵的阻力，它是關鍵的流動性領域和心理障礙。如果沒有果斷的突破超過$ 90K，目前的反彈可能會失去蒸汽。

If Bitcoin remains stuck below $90K in the coming days, bearish pressure is likely to build, increasing the probability of a drop below $81,000. That would mark a significant breakdown and could trigger more aggressive selling across the market.

如果比特幣在未來幾天仍處於低於$ 90k的價格，則看跌壓力可能會增加，從而增加了跌至81,000美元以下的可能性。這將標誌著明顯的崩潰，並可能引發整個市場上更具侵略性的銷售。

As BTC trades within a tight and tense range, bulls are running out of time. A move above $90K is crucial to validate the current structure and confirm the beginning of a new leg higher.

隨著BTC在緊張的範圍內進行交易，公牛隊的時間已經用完了。超過$ 90K的舉動對於驗證當前結構至關重要，並確認新腿更高的開始。