隨著機構興趣的增長，比特幣克服了看跌壓力，飆升至 7 萬美元以上

儘管近期面臨熊市壓力，比特幣 (BTC) 仍維持在 70,000 美元以上，這表明比特幣具有韌性並重新燃起機構興趣。作為機構購買指標的 Coinbase 溢價缺口已轉為正數，顯示潛在資金流入現貨比特幣 ETF。 Ryze Labs 的分析師觀察到，對沖​​基金賣空和資產管理公司買入期貨之間的差距不斷擴大，暗示潛在的空頭擠壓可能會推動 BTC 價格上漲。

Despite determined efforts by bears to gain a foothold in the Bitcoin (BTC) market over the past 24 hours, the resilient support at the intraday low of $69,601 held firm. Bitcoin's remarkable ability to maintain its value above the $70,000 mark has garnered significant attention, particularly in light of Coinbase data indicating renewed interest from institutional investors. At the time of this report's preparation, BTC was trading at $70,300, representing a modest 0.25% increase from its intraday low.

儘管空頭在過去 24 小時內竭盡全力在比特幣 (BTC) 市場站穩腳跟，但盤中低點 69,601 美元的彈性支撐仍然堅挺。比特幣將其價值維持在 70,000 美元以上的非凡能力引起了廣泛關注，特別是考慮到 Coinbase 數據顯示機構投資者重新燃起了興趣。在撰寫本報告時，BTC 交易價格為 70,300 美元，較盤中低點小幅上漲 0.25%。

BTC/USD 24-hour price chart (source: CoinMarketCap)

BTC/USD 24小時價格圖（資料來源：CoinMarketCap）

Coinbase Premium Gap Signals Institutional Interest

Coinbase 溢價差距顯示機構興趣

The Coinbase premium gap, a metric that gauges the price differential between Coinbase Pro and Binance, has once again turned positive, indicating increased buying pressure from institutional investors. This indicator is widely regarded as a reliable barometer of institutional activity in the Bitcoin market.

Coinbase 溢價差距（衡量 Coinbase Pro 和 Binance 之間價格差異的指標）再次轉為正值，顯示機構投資者的購買壓力增加。此指標被廣泛認為是比特幣市場機構活動的可靠晴雨表。

Maartunn, an esteemed on-chain analyst, suggests that the uptick in the premium gap may signal renewed buying activity by US institutions. This could potentially translate into significant inflows into spot Bitcoin ETFs in the coming week, particularly in anticipation of the expected Bitcoin halving event scheduled for mid-April.

受人尊敬的鏈上分析師 Maartunn 表示，溢價差距的擴大可能預示著美國機構重新開始購買活動。這可能會在未來一周轉化為大量資金流入現貨比特幣 ETF，特別是考慮到預計 4 月中旬發生的比特幣減半事件。

Analysts Remain Bullish on BTC Price

分析師仍然看好比特幣價格

Analysts at Ryze Labs have observed a widening gap between hedge funds (in purple) and asset managers (in red). "This divergence suggests that while asset managers continue to acquire Bitcoin futures, hedge funds are increasingly engaging in short-selling. In the current bullish climate, this dynamic hints at the potential for a short squeeze, which could propel Bitcoin's next upward surge," they assert.

Ryze Labs 的分析師觀察到對沖基金（紫色）和資產管理公司（紅色）之間的差距不斷擴大。 「這種差異表明，雖然資產管理公司繼續購買比特幣期貨，但對沖基金卻越來越多地參與賣空。在當前的看漲氣氛下，這種動態暗示著可能出現軋空，這可能會推動比特幣的下一次上漲。」他們斷言。

Michael van de Poppe, a prominent analyst, has attributed Bitcoin's recent sideways movement to a period of consolidation near the $70K mark. However, he maintains that Bitcoin remains on track to follow its general 4-year cycle trajectory. "Honestly, this cycle will likely surprise many. In five years' time, $70,000 per Bitcoin will be considered cheap," he added.

著名分析師 Michael van de Poppe 將比特幣近期的橫盤走勢歸因於 7 萬美元大關附近的盤整期。然而，他堅稱比特幣仍有望遵循其整體的 4 年周期軌跡。 「老實說，這個週期可能會讓很多人感到驚訝。五年後，每個比特幣 70,000 美元將被認為是便宜的，」他補充道。

Amidst the speculation, futures and options buying have remained subdued due to holiday factors and traders anticipating further price dips. CME BTC futures open interest declined by 0.32% to $11.64 billion, while total BTC options open interest fell from $32.31 billion to $21.52 billion.

在投機活動中，由於假期因素和交易員預計價格進一步下跌，期貨和選擇權買盤仍然低迷。 CME BTC 期貨未平倉合約下降 0.32% 至 116.4 億美元，而 BTC 選擇權未平倉合約總額從 323.1 億美元下降至 215.2 億美元。

MicroStrategy's Overvaluation Concerns

MicroStrategy 的估值過高擔憂

MicroStrategy's substantial Bitcoin acquisitions have catapulted its stock price to unprecedented heights. With the company's total Bitcoin holdings surpassing 214,000 BTC, equivalent to approximately 1% of the maximum Bitcoin supply, attention has turned to the impact of this accumulation on the firm's stock performance and financial health.

MicroStrategy 大量收購比特幣，使其股價飆升至前所未有的高度。隨著該公司的比特幣總持有量超過 214,000 BTC，相當於比特幣最大供應量的 1% 左右，人們的注意力已經轉向這種累積對公司股票表現和財務健康狀況的影響。

Despite MicroStrategy's bullish outlook and impressive Bitcoin holdings, concerns have emerged regarding the overvaluation of its stock. According to 10x Research, a reputable crypto research firm led by Markus Thielen, MicroStrategy shares are estimated to be overvalued by as much as 60% based on regression with Bitcoin. When assessed against the company's actual Bitcoin holdings, the overvaluation jumps to nearly 100%.

儘管 MicroStrategy 前景看好，比特幣持有量也令人印象深刻，但對其股票估值過高的擔憂還是出現了。根據由 Markus Thielen 領導的著名加密貨幣研究公司 10x Research 的數據，根據比特幣的回歸，MicroStrategy 的股票估計被高估了 60%。當根據該公司實際持有的比特幣進行評估時，高估率躍升至近 100%。

Thielen's analysis implies that MicroStrategy's stock price may not accurately reflect its intrinsic value, given its heavy reliance on Bitcoin's performance. While MicroStrategy has become a standard-bearer for Bitcoin enthusiasts in the corporate sector, questions linger about whether its meteoric stock price surge aligns with fundamental market principles.

Thielen 的分析表明，鑑於 MicroStrategy 嚴重依賴比特幣的表現，其股價可能無法準確反映其內在價值。儘管 MicroStrategy 已成為企業界比特幣愛好者的旗手，但其股價飆升是否符合基本市場原則仍有疑問。

Bitcoin Price Outlook

比特幣價格展望

Despite recent volatility, Bitcoin's price has maintained its position above $70,000, with critical support levels holding firm. Analysts are closely monitoring the weekly, monthly, and quarterly candle closes as potential signposts of future price movements. A weekly candle close above the crucial $70,000 support level could pave the way for further upside potential, with some analysts envisioning a target of $97,000 in the near term.

儘管最近出現波動，比特幣的價格仍維持在 7 萬美元以上，關鍵支撐位保持堅挺。分析師正在密切關注每週、每月和每季的蠟燭收盤價，將其作為未來價格走勢的潛在指標。每週蠟燭收盤價高於關鍵的 70,000 美元支撐位可能為進一步的上漲潛力鋪平道路，一些分析師預計近期目標為 97,000 美元。

The Titan of Crypto, another renowned analyst, has shared profound insights into Bitcoin's potential trajectory, suggesting that $97,000 could be the next milestone. Despite the recent appearance of a death cross on the daily timeframe, the expert believes that a bull flag pattern is emerging, signaling an upward trend. However, investors are advised to exercise caution and await confirmation in the coming days to determine the true nature of the death cross.

另一位著名分析師、加密貨幣泰坦分享了對比特幣潛在軌蹟的深刻見解，表明 97,000 美元可能是下一個里程碑。儘管最近在日線圖上出現了死亡交叉，但專家認為牛旗形態正在出現，預示著上升趨勢。不過，建議投資人謹慎行事，等待未來幾天的確認，以確定死亡交叉的真實性質。

Speculating on the next move, the Titan suggests that a weekly candle closure above the critical $70,000 support could pave the way for the ambitious target of $97k. This prediction stands out due to the apparent extreme bullish momentum in the market. The analyst ventures further, stating that, given the current robust momentum, there is a noteworthy possibility that the projected $97k target might be attained even before the halving event.

猜測下一步走勢，泰坦表示，每週蠟燭收盤價高於關鍵的 70,000 美元支撐位可能為雄心勃勃的 97,000 美元目標鋪平道路。由於市場明顯的極端看漲勢頭，這項預測脫穎而出。該分析師進一步指出，鑑於當前的強勁勢頭，即使在減半事件之前也有可能實現預計的 9.7 萬美元目標。