長期持有者套現利潤，比特幣市場動盪

比特幣資深人士從他們持有的比特幣中獲利，這可能預示著市場將進一步調整。支出產出利潤率（SOPR）顯示長期持有者拋售壓力不斷增加，與顯示潛在市場見頂的歷史趨勢一致。短期持有者活動出現小幅損失，而整體市場結構仍看漲，但價格回調仍在可能的範圍內。

Bitcoin Market Jitters as Long-Term Holders Realize Profits

長期持有者獲利，比特幣市場動盪

In the wake of the highly anticipated Bitcoin halving, the cryptocurrency market has been seized by a wave of uncertainty, prompting veteran investors to cash out their Bitcoin (BTC) holdings. This surge in selling pressure has cast a shadow over the future of Bitcoin's price trajectory, raising concerns about a potential market correction.

在備受期待的比特幣減半後，加密貨幣市場陷入了一波不確定性，促使資深投資者兌現其持有的比特幣（BTC）。拋售壓力的激增給比特幣價格軌蹟的未來蒙上了陰影，引發了人們對潛在市場調整的擔憂。

SOPR Metric Signals Potential Market Top

SOPR 指標顯示潛在市場頂部

The Spent Output Profit Ratio (SOPR) metric, which measures the realized profit or loss of coins moved on-chain, has reached a critical juncture. The metric's recent peak has historically preceded market tops, suggesting that a deeper correction could be on the horizon.

支出產出利潤率（SOPR）指標衡量了鏈上行動代幣的實現利潤或損失，已經到了關鍵時刻。從歷史上看，該指標近期的峰值一直先於市場見頂，這表明可能即將出現更深層的調整。

Long-Term Holders Drive Selling Pressure

長期持有者推動拋售壓力

Long-term holders (LTHs) have been the primary contributors to the increased selling pressure in recent days. Analysis of on-chain data reveals that a significant portion of the BTC being sold originates from investors who have held their coins for extended periods.

長期持有者（LTH）是最近幾天拋售壓力增加的主要原因。對鏈上數據的分析顯示，出售的 BTC 很大一部分來自長期持有比特幣的投資者。

Liquidation Heatmap Highlights Resistance Zone

清算熱圖凸顯阻力區

Earlier analysis of the liquidation heatmap pinpointed the $66k-$66.8k region as a key short-term resistance level for Bitcoin. The inability of BTC to突破 this zone has heightened the likelihood of volatility in the coming days.

先前對清算熱圖的分析指出，66,000 美元至 66,800 美元區域是比特幣的關鍵短期阻力位。比特幣無法突破該區域，增加了未來幾天波動的可能性。

SOPR Trendline Rejects Market Recovery

SOPR 趨勢線拒絕市場復甦

The descending SOPR trendline from a decade ago has acted as a formidable barrier to Bitcoin's upward momentum. The metric's recent rejection from this trendline suggests that a market top may be imminent, potentially leading to a deeper correction.

十年前不斷下降的 SOPR 趨勢線已經成為比特幣上漲勢頭的巨大障礙。該指標最近拒絕這條趨勢線表明市場頂部可能即將到來，可能會導致更深層的調整。

Short-Term Holders Suffer Minor Losses

短期持有者遭受輕微損失

In contrast to LTHs, short-term holders (STHs) have been selling their BTC at minor losses, with the STH SOPR dropping below 1 on April 22. This indicates that short-term investors are cashing out their positions rather than holding for potential gains.

與LTH 相比，短期持有者(STH) 一直在以較小的損失出售其BTC，STH SOPR 在4 月22 日跌至1 以下。獲得潛在收益。

Historical Patterns Signal Potential Correction

歷史模式預示著潛在的修正

The current market behavior bears striking similarities to the 2020 bull run. During that cycle, the STH SOPR remained above zero after September, while the 2021 halving occurred in May. A subsequent market correction saw this ratio fall below 1, which could foreshadow a similar trend in the current cycle.

目前的市場行為與 2020 年的多頭市場有著驚人的相似之處。在此週期中，STH SOPR 在 9 月後仍保持在零以上，而 2021 年減半發生在 5 月。隨後的市場調整使該比率跌至 1 以下，這可能預示著當前週期中的類似趨勢。

Technical Analysis Confirms Bearish Momentum

技術分析證實看跌勢頭

Technical analysis of Bitcoin's daily chart reveals a lack of strong momentum, with the RSI oscillating between 40 and 60 values. Additionally, the OBV has failed to surpass the highs reached in mid-March. However, the gradual increase in OBV over the past ten days indicates increased buying pressure.

比特幣日線圖的技術分析顯示缺乏強勁動力，RSI 在 40 至 60 值之間波動。此外，OBV 未能超過 3 月中旬達到的高點。然而，過去十天OBV逐漸增加表示購買壓力增加。

Market Outlook Remains Uncertain

市場前景仍不明朗

Overall, the market outlook for Bitcoin remains uncertain. While the higher timeframe trend remains bullish, the surge in selling pressure from LTHs and the rejection of the SOPR trendline suggest that a price correction is possible. The upcoming halving event is likely to introduce further volatility, making it crucial for investors to exercise caution and monitor market developments closely.

總體而言，比特幣的市場前景仍然不確定。雖然較高的時間框架趨勢仍然看漲，但來自 LTH 的拋售壓力激增以及 SOPR 趨勢線的拒絕表明價格可能會出現回調。即將到來的減半事件可能會帶來進一步的波動，因此投資者必須保持謹慎並密切關注市場發展。