比特幣的調整：曇花一現還是警告？

Is Bitcoin's Correction a Blip or a Warning Sign?

比特幣的回檔是曇花一現還是警訊？

After reaching an all-time high of $73,797.68 on March 14, Bitcoin has been in a corrective phase for the past week. Last Wednesday, it dipped to as low as $60,800. However, experts say such declines are "well within the norm of historical bull market short-term corrections," according to Alex Thorn, head of firmwide research at Galaxy Digital.

自 3 月 14 日觸及 73,797.68 美元的歷史高點後，比特幣在過去一周一直處於修正階段。上週三，它跌至 60,800 美元的低點。不過，Galaxy Digital 全公司研究主管 Alex Thorn 表示，專家表示，這種下跌「完全符合歷史牛市短期調整的正常情況」。

What's Driving the Recent Surge?

是什麼推動了近期的飆升？

The reason for Monday's significant gain remains unclear, but Bitcoin's price action in March has been marked by new highs followed by healthy pullbacks. Thorn suggests that investors may have paused selling shares of Bitcoin exchange-traded funds (ETFs).

週一大幅上漲的原因尚不清楚，但比特幣 3 月的價格走勢已創下新高，隨後出現健康回調。索恩表示，投資人可能已暫停出售比特幣交易所交易基金（ETF）的股票。

"The record outflows from the Grayscale Bitcoin Trust (GBTC) over the past two weeks, likely due to Genesis and Gemini bankruptcy liquidations, contributed to weakness in spot prices," said Thorn. "However, several technical indicators pointed to seller exhaustion."

索恩表示：“過去兩週，灰度比特幣信託基金（GBTC）的創紀錄資金流出，可能是由於 Genesis 和 Gemini 破產清算，導致現貨價格疲軟。” “然而，一些技術指標表明賣家已經精疲力盡。”

Is the Fed's Messaging Playing a Role?

聯準會的資訊發揮作用了嗎？

Sam Callahan, lead analyst at Bitcoin services firm Swan Bitcoin, believes the recent surge may be linked to messaging from the Federal Reserve last week.

比特幣服務公司 Swan Bitcoin 的首席分析師 Sam Callahan 認為，最近的比特幣價格飆升可能與聯準會上週發布的消息有關。

"Fed officials signaled last week that they are considering both rate cuts and reducing the pace of quantitative tightening this year," he said. "These actions could increase liquidity, acting as a positive catalyst for asset prices. Bitcoin acts as a barometer of liquidity conditions and has responded favorably to the Fed's indication of potential monetary easing in the near future."

「聯準會官員上週表示，他們正在考慮今年降息和放慢量化緊縮步伐，」他表示。 「這些行動可以增加流動性，成為資產價格的積極催化劑。比特幣充當流動性狀況的晴雨表，並對美聯儲在不久的將來可能放鬆貨幣政策的跡像做出了積極的反應。”

Is Bitcoin Poised for a Monthly Win?

比特幣有望每月獲勝嗎？

Despite its pullbacks, Bitcoin is on track to finish March with a gain. It has appreciated by 12% for the month and 64% for the first quarter.

儘管出現回調，但比特幣預計在 3 月結束時實現上漲。當月升值12%，第一季升值64%。