比特幣在槓桿驅動的集會中面臨關鍵測試

隨著公牛試圖收回90,000美元的水平，比特幣現在正面臨著重要的測試，這是一個可以確認恢復集會並標誌著最近下降趨勢的終點的關鍵閾值。

Bitcoin is now facing a critical test as bulls attempt to reclaim the $90,000 level, a key threshold that could confirm a recovery rally and signal the apex of the recent downtrend.

隨著公牛試圖收回90,000美元的水平，比特幣現在正面臨著重要的測試，這是一個可以確認恢復集會並發出最近下降趨勢的最高點的關鍵閾值。

After weeks of relentless selling pressure and macroeconomic uncertainty, Bitcoin has bounced strongly from sub-$75K levels, currently trading slightly above $85K. Yet despite this impressive rebound, the broader market remains on edge. Global tensions, particularly those surrounding US trade policy and the risk of a broader economic slowdown, continue to insert volatility into financial markets. Bitcoin, often viewed as a high-risk asset, remains 22% down from its all-time highs as it endeavors to rebuild momentum.

經過數周無情的銷售壓力和宏觀經濟不確定性，比特幣從低至75,000美元的水平上強烈反彈，目前的交易略高於8.5萬美元。然而，儘管反彈令人印象深刻，但更廣泛的市場仍然處於邊緣狀態。全球緊張局勢，特別是圍繞美國貿易政策的緊張局勢以及更廣泛的經濟放緩的風險，繼續將波動插入金融市場。比特幣通常被視為高風險資產，在努力重建勢頭的過程中，比特幣遠低於其歷史最高水平22％。

While bulls are showing signs of strength, concerns are mounting that the recent surge may not be entirely organic. According to new insights from CryptoQuant, this rally appears to be driven in large part by leverage.

儘管公牛表現出力量的跡象，但人們擔心最近的激增可能不是完全有機的。根據CryptoQuant的新見解，該集會似乎很大程度上是由槓桿驅動的。

This latest move seems to be a "leverage pump," notes top analyst Maartunn, who shared his observations and charts detailing the role of open interest in fueling the recent price action.

頂級分析師Maartunn指出，這一最新舉動似乎是“槓桿泵”，他分享了他的觀察結果並詳細介紹了開放興趣在推動最近的價格行動中的作用。

According to Maartun's analysis, there has been a significant uptick in Bitcoin's Open Interest alongside the price surge. This behavior is usually seen with leveraged positions being opened in large quantities, especially when compared to changes in the Spot market, which has seen less activity.

根據Maartun的分析，比特幣在價格上漲的開放興趣上引起了顯著提升。通常可以看到這種行為，槓杆位置大量開放，尤其是與現貨市場變化相比，活動的活動較少。

"Open Interest on futures is massively up, while Spot volume is low. This suggests a large amount of leveraged positions are being opened, which contributes to the price surge," Maartun explained.

Maartun解釋說：“期貨的開放興趣大大增加，而現貨量很低。這表明正在開放大量的槓桿頭寸，這有助於價格上漲。”

According to the latest data, Bitcoin futures Open Interest has shot up to 140K BTC in recent days, while Spot volume remains relatively low, indicating a strong preference for leveraged products.

根據最新數據，最近幾天比特幣期貨開放興趣最高可達140k BTC，而現貨量仍然相對較低，這表明對槓桿產品的偏好很偏愛。

Moreover, this trend is not limited to Bitcoin, as major altcoins are also displaying similar characteristics with a strong presence of leverage.

此外，這種趨勢不僅限於比特幣，因為主要的Altcoins也顯示出具有強大槓桿作用的相似特徵。

"Same story on lower time frames. ETH and XRP showing huge funding and OI on lower time frames comparing to spot volume. People are playing leveraged massively on lower time frames comparing to spot volume, which could bring huge volatility in coming sessions."

“在較低的時間範圍內。與現場數量相比，ETH和XRP在較低的時間範圍內顯示了巨大的資金和OI。人們在較低的時間範圍內大量槓桿作用，與現場量相比，這可能會在即將到來的會議上帶來巨大的波動。”

This observation aligns with the latest data from CryptoQuant, which shows a strong correlation between funding rates and price action, especially on lower time frames.

該觀察結果與加密量的最新數據保持一致，該數據顯示了資金率和價格行動之間的密切相關性，尤其是在較低的時間範圍內。

According to CryptoQuant's analysis, funding rates have been consistently positive in recent days and weeks, indicating that traders were actively opening long positions and paying a premium to maintain those positions.

根據CryptoQuant的分析，最近幾天和幾週的資金率一直是積極的，這表明交易員正在積極開放長位，並支付溢價來維持這些職位。

This strategy could be particularly relevant in light of the recent macroeconomic optimism that emerged following the announcement of a 90-day pause on reciprocal tariffs by the US and China.

鑑於最近在美國和中國宣布對互惠關稅的90天停頓之後，這種策略可能尤其重要。

The move helped to reduce trade tensions and sparked a rally in financial markets, with Bitcoin breaking above key technical levels and testing the 200-day Exponential Moving Average (EMA) at around $85,000.

此舉有助於減少貿易緊張局勢，並在金融市場上引發集會，比特幣破裂了關鍵技術水平，並將200天的指數移動平均線（EMA）測試約為85,000美元。

But as traders attempt to push the price higher towards the 200-day Simple Moving Average (SMA) at $87,300, they face a crucial challenge: the apex of this impressive rebound.

但是，隨著交易者試圖將價格提高到200天簡單的移動平均值（SMA）的價格為87,300美元，他們面臨著一個至關重要的挑戰：這種令人印象深刻的反彈的頂點。

Bitcoin is currently trading at $84,900 as bulls test a major technical milestone: the 200-day Exponential Moving Average (EMA). Just above lies the 200-day Simple Moving Average (SMA) near $87,300, placing BTC less than 3% away from breaking through both critical resistance zones. These indicators often serve as long-term trend signals, and reclaiming them would strengthen the case for a full recovery rally.

當公牛測試一個主要的技術里程碑：200天的指數移動平均線（EMA）時，比特幣目前的交易價格為84,900美元。超過200天的簡單移動平均線（SMA）接近$ 87,300，BTC距離突破兩個關鍵阻力區域的距離不到3％。這些指標通常用作長期趨勢信號，並收回它們將加強全面恢復集會的案例。

If bulls manage to push the price above the recent local high at $88,800, it could confirm a short-term trend reversal and open the path toward $94K and beyond. Momentum is building following a 15% surge over the past few days, supported in part by macroeconomic relief, including a 90-day pause on US tariffs.

如果公牛設法將價格提高到最近的當地高價高度為88,800美元，則可以確認短期趨勢逆轉，並為9.4K及以後的價格開闢道路。在過去的幾天中，勢頭激增了15％，部分受到宏觀經濟救濟的支持，其中包括美國關稅的90天停頓。

However, risks remain. Failing to hold the $82K support level would be a bearish signal, likely triggering increased selling pressure. A decisive move below $82K could drag BTC back under $80K, erasing recent gains and placing bulls on the defensive once again. With volatility still elevated and market sentiment mixed, the coming days will be crucial in determining whether BTC can sustain this upward momentum or face renewed downside.

但是，仍然存在風險。未能持有82,000美元的支持水平將是一個看跌信號，可能會觸發銷售壓力增加。低於$ 82K的決定性舉動可以將BTC拖回80,000美元以下，從而消除了最近的收益，並再次使公牛隊再次處於防守狀態。隨著波動率仍然提升，市場情緒的混合在一起，未來幾天對於確定BTC是否可以維持這種勢頭或面對面的不利方面至關重要。