比特幣合併，因為零售仍然不在市場

自周末以來，比特幣經歷了巨大的價格波動，下跌至9.1萬美元，然後上漲了$ 10萬美元。但是，BTC現在位於$ 98K大約

Bitcoin has experienced large price movements since the weekend, dropping to $91K before recovering strongly to trade above $100K. However, BTC now sits around $98K, struggling to maintain momentum amid ongoing trade war fears that have spooked global markets. The uncertainty surrounding these geopolitical developments has played a key role in Bitcoin’s volatile performance, and it looks like this trend may continue in the coming weeks.

自周末以來，比特幣經歷了巨大的價格變動，下降到9.1萬美元，然後強勁地恢復到超過$ 10萬美元的交易。但是，BTC現在位於98,000美元左右，由於持續的貿易戰擔憂嚇壞了全球市場，努力保持勢頭。這些地緣政治發展圍繞這些地緣政治發展的不確定性在比特幣的揮發性表現中發揮了關鍵作用，看來這種趨勢可能會在未來幾週內持續下去。

Despite Bitcoin’s strong recovery from the $91K low, retail investors don’t seem eager to buy BTC yet. Key on-chain data shared by Santiment reveals that the number of BTC addresses holding 0 to 1 BTC continues to decline, suggesting that smaller investors are either hesitant to re-enter the market or taking profits amid the recent price swings.

儘管比特幣從$ 9.1萬美元的低價中恢復過來，但散戶投資者似乎並不渴望購買BTC。 Santiment共享的主要鍊鍊數據表明，持有0到1 BTC的BTC地址的數量繼續下降，這表明較小的投資者要么猶豫要重新進入市場，要么在最近的價格波動中獲利。

Historically, retail participation has been a significant catalyst for Bitcoin’s bull cycles, as increased adoption and buying pressure often fuel higher prices. The current decline in small-holder addresses raises questions about whether Bitcoin’s rally can sustain itself without broader retail support. Analysts are now watching closely to see if BTC can reclaim key resistance levels or if further downside is on the horizon.

從歷史上看，零售參與一直是比特幣牛週期的重要催化劑，因為採用和購買壓力的增加通常會促進更高的價格。目前，小型持有人解決的問題提出了有關比特幣集會是否可以在沒有更廣泛零售支持的情況下維持自己的問題。現在，分析師正在仔細觀察BTC是否可以收回鑰匙電阻水平，或者是否進一步下降。

Bitcoin Considers As Retail Remains Off The Market

比特幣認為零售仍然不在市場

Bitcoin is currently in a consolidation phase below its all-time high (ATH), driven by volatility, uncertainty, and speculation. The price has been ranging between ATH at $109K and the $90K level, creating fear among investors who suspect that the bull cycle top may already be in. With Bitcoin failing to reclaim ATH in recent days, some traders believe a deeper correction is coming.

比特幣目前處於其歷史最高（ATH）以下的整合階段，這是由波動性，不確定性和猜測驅動的。價格一直在ATH的價格為10.9萬美元和90,000美元的水平之間，這使人們對懷疑Bull Cycle Top可能已經進入的投資者感到擔憂。由於比特幣最近幾天未能收回ATH，一些交易者認為即將進行更深入的更改。

However, key on-chain data from Santiment, shared by Ali Martinez on X, suggests that retail investors are still on the sidelines. The number of BTC addresses holding between 0 to 1 BTC continues to decline, showing that smaller investors have not been accumulating BTC during this phase.

但是，阿里·馬丁內斯（Ali Martinez）在X上共享的關鍵鍊鍊數據表明，散戶投資者仍處於場外。 BTC地址的數量在0到1 BTC之間繼續下降，這表明在此階段，較小的投資者並未積累BTC。

Interestingly, this contrasts with previous bull cycles, where smaller investors rushed in at higher prices, often marking the later stages of a rally. If retail demand picks up, BTC could see strong buying pressure that might fuel another leg up into price discovery. For now, Bitcoin’s consolidation below ATH remains a crucial phase, with key levels defining the market’s next move.

有趣的是，這與以前的公牛週期形成鮮明對比的是，小型投資者以較高的價格衝入，通常標誌著集會的後期階段。如果零售需求增加，BTC可能會看到強烈的購買壓力，這可能會使另一隻腿陷入價格發現。目前，比特幣在ATH以下的合併仍然是一個關鍵階段，關鍵水平定義了市場的下一步行動。

Bitcoin Price Holds Above $98K: Bulls Eye $100K Break

比特幣的價格超過$ 98K：公牛眼$ 100K休息

Bitcoin is currently trading at $98,200, maintaining its position above the crucial $98K level for the past few days. This support zone is key for sustaining bullish momentum, as holding above it signals short-term strength and increases the likelihood of a move above all-time highs (ATH).

比特幣目前的交易價格為98,200美元，在過去幾天中，比特幣的頭寸高於至關重要的9.8萬美元。該支撐區是維持看漲勢頭的關鍵，因為在上面持有的信號標誌著短期實力，並增加了超過歷史高峰（ATH）的可能性。

For bulls to take control, reclaiming the $100K level is the most important objective at the moment. A successful push above $100K and holding it as support would likely trigger a strong rally into price discovery, setting BTC up for a run toward new highs.

對於公牛而言，收回10萬美元的水平是目前最重要的目標。成功的推動力超過$ 10萬美元，並將其作為支持可能會引起強烈的集會，從而使BTC邁向新的高點。

However, failure to break and hold $100K could signal weakness and open the door for another correction. In this case, BTC could retest lower demand zones between $95K and $90K, where buyers must step in to prevent further downside.

但是，未能打破並持有$ 10萬美元可能會信號，並打開門以進行另一次更正。在這種情況下，BTC可以在95,000美元至9萬美元之間重新降低需求區域，購買者必須介入以防止進一步的缺點。

Market sentiment remains cautiously optimistic, but the next major move will depend on Bitcoin’s ability to solidify support above $100K. If bulls successfully reclaim this level, a breakout into new highs becomes increasingly likely. For now, all eyes remain on BTC’s price action as it tests key levels in this critical consolidation phase.

市場情緒仍然謹慎樂觀，但下一個重大舉措將取決於比特幣鞏固超過$ 10萬美元的支持的能力。如果公牛成功地恢復了這一水平，那麼越來越有可能進入新的高潮。目前，所有目光都關注BTC的價格行動，因為它在這個關鍵的合併階段測試了關鍵水平。