比特幣正在攀爬，但是一些基本信號令人擔憂

BTC價格正在觸及新的高度。但是，一個微妙的信號挑戰了這一欣快的信號。它是由Capriole在2022年設計的比特幣宏指數。

Bitcoin is currently trading at all-time highs, but one key indicator is sending a worrying signal.

比特幣目前正在以歷史新高的高點進行交易，但是一個關鍵指標是發送令人擔憂的信號。

It is the Bitcoin Macro Index, an index designed by Capriole in 2022 to provide a broader view of the Bitcoin trends.

它是比特幣宏指數，這是Capriole在2022年設計的索引，以更廣泛地了解比特幣趨勢。

This index, which does not include the BTC price, but rather on-chain and macroeconomic data analyzed by machine learning, has been charting lower highs since the end of 2023.

該指數不包括BTC價格，而是通過機器學習分析的鏈上和宏觀經濟數據，自2023年底以來一直在繪製較低的高點。

However, the BTC price continues to mark higher highs, setting up a bearish divergence.

但是，BTC價格繼續標誌著更高的高點，建立了看跌差異。

This phenomenon, which has been observed during previous cycles, suggests that the market may have reached a long-term peak.

在以前的周期中已經觀察到的這種現象表明，市場可能已經達到了長期峰值。

According to Capriole founder Charles Edwards, this signal is not a positive one.

根據Capriole創始人查爾斯·愛德華茲（Charles Edwards）的說法，該信號不是一個積極的信號。

“The time frame on this chart is monthly. If the Macro Index turns positive again, then we should see the Bitcoin price trade back above the price plotted on the chart at that point in time.”

“此圖表上的時間範圍是每月的。如果宏指數再次轉化為正面，那麼我們應該看到比特幣價格交易回到了該時間點上圖表上繪製的價格之上。”

Other indicators also suggest that there may be some trouble brewing in the market.

其他指標還表明，市場上可能會有一些麻煩。

CryptoQuant highlighted several metrics that are currently in turbulent territory.

加密量強調了目前在動蕩的領土上的幾個指標。

For example, the Intermarket Factor (IFP), which serves as an indicator of market breadth, has turned red since February.

例如，自2月以來，它作為市場廣度的指標的市場間因子（IFP）已變成紅色。

To reverse this trend and continue the broad market rally, the IFP will need to rise above its 90-day moving average.

為了扭轉這一趨勢並繼續進行廣泛的市場集會，IFP將需要超過其90天移動平均線。

Despite these signals, there is currently no indication of a market bubble or a cycle peak.

儘管有這些信號，目前尚無市場泡沫或週期峰。

Instead, the market remains in a state of uncertainty, which is being driven by the pending Bitcoin Spot ETFs and the strong fundamental strength of the cryptocurrency market.

取而代之的是，市場仍然處於不確定性狀態，這是由待處理的比特幣現場ETF和加密貨幣市場的強大基本實力驅動的。

Crypto investors will now be keeping a close eye on the Bitcoin Macro Index to see if it can begin to rebound.

加密投資者現在將密切關注比特幣宏指數，以查看是否可以開始反彈。

If the index turns positive again, then we should see the bullish trend continue. However, if the index remains in negative territory, then there is a risk of a false peak at the $110,000 level.

如果該指數再次變為積極，那麼我們應該看到看漲趨勢繼續。但是，如果該指數仍處於負面的領域，則在110,000美元的水平下存在假峰的風險。

So, the time is not for panic, but rather for strategic vigilance.

因此，時間不是為了恐慌，而是為了戰略警惕。