比特幣礦工出售超過 3,000 枚 BTC，顯示市場進入整合階段可能會出現短期暫停

儘管如此，有跡象表明，隨著市場進入整合階段，可能會出現短期暫停。影響這一轉變的關鍵因素來自比特幣礦工

Bitcoin sell-offs by miners might indicate an upcoming pause in the market. As Bitcoin fiyatı reached new all-time highs in recent weeks, so did the miner outflows, reflecting a common strategy among miners to sell a portion of their holdings during bull markets.

礦工拋售比特幣可能預示市場即將暫停。隨著比特幣價格在最近幾週創下歷史新高，礦商的資金流出也隨之增加，這反映出礦商在牛市期間出售部分資產的共同策略。

According to the Bitcoin Liquid Index by Brave New Coin, over 3,000 BTC, valued at approximately $273 million at the time, were sold by miners within 48 hours on November 17. This sell-off activity could signal a potential short-term pullback in the market.

根據 Brave New Coin 的比特幣流動性指數，11 月 17 日，礦工在 48 小時內拋售了超過 3,000 個 BTC，當時價值約 2.73 億美元。 。

However, analyst Ali Martinez highlighted that this sell-off by miners is a typical occurrence during bull markets. Usually, miners, who are considered long-term holders, tend to sell some of their Bitcoin holdings as the price rapidly increases.

然而，分析師阿里·馬丁內斯強調，礦商的拋售是牛市期間的典型現象。通常，被視為長期持有者的礦工往往會隨著價格迅速上漲而出售部分比特幣。

As these miners sell their Bitcoin, it increases the market supply, which often leads to periods of cooling or price corrections in the market. While these sell-offs are common throughout market cycles, they don’t necessarily indicate bearish trends.

當這些礦工出售比特幣時，就會增加市場供應，這通常會導致市場降溫或價格調整。雖然這些拋售在整個市場週期中很常見，但它們並不一定表示看跌趨勢。

Instead, they suggest that the market might be entering a phase of consolidation, allowing it to absorb the recent gains, test support levels, and build a stronger foundation for future growth.

相反，他們認​​為市場可能正在進入盤整階段，從而吸收近期的漲幅，測試支撐位，並為未來的成長奠定更堅實的基礎。

Despite the added supply from these miner sell-offs, Bitcoin’s ability to maintain its price above the $98,000 level on November 18 reflects continued confidence in the market.

儘管這些礦商拋售導致供應量增加，但比特幣價格在 11 月 18 日仍能維持在 98,000 美元以上的水平，反映了市場的持續信心。

Bitcoin’s Network Health Remains Strong Despite Sell-Offs

儘管遭到拋售，比特幣的網路健康狀況仍然強勁

While some miners are selling their holdings, the fundamentals of the Bitcoin network continue to show strength. The Bitcoin hashrate, a key indicator of network security and competition, keeps reaching new all-time highs.

儘管一些礦工正在出售其持有的資產，但比特幣網路的基本面繼續表現出強勁的勢頭。比特幣算力是網路安全和競爭的關鍵指標，不斷創出歷史新高。

This growth in the hashrate suggests that miners still have faith in Bitcoin’s long-term potential, despite engaging in short-term sell-offs. Stronger network security is essential for any cryptocurrency, and the current surge bodes well for Bitcoin’s future outlook.

算力的成長表明，儘管進行了短期拋售，礦商仍然對比特幣的長期潛力充滿信心。更強的網路安全對於任何加密貨幣都至關重要，當前的飆升預示著比特幣的未來前景。

Despite the sell-offs by some miners, Bitcoin’s network health and upward momentum are still present. Recent price gains have pushed Bitcoin to record highs, attracting attention and boosting investor confidence in the market.

儘管一些礦商拋售比特幣，但比特幣的網路健康狀況和上漲勢頭仍然存在。最近的價格上漲推動比特幣創下歷史新高，吸引了人們的注意並增強了投資者對市場的信心。

As Bitcoin consolidates around the $98,000 level following an impressive rally, the market is stabilizing, filtering out weaker positions, and building a foundation for future price movements.

隨著比特幣在經歷令人印象深刻的反彈後在 98,000 美元水平附近盤整，市場正在企穩，過濾掉較弱的頭寸，並為未來的價格走勢奠定基礎。

Support levels between $88,000 and $90,000 will be crucial in determining the next market direction. These levels will indicate whether a deeper correction is likely or if the market is preparing for further growth.

88,000 美元至 90,000 美元之間的支撐位對於確定下一個市場方向至關重要。這些水平將表明是否可能出現更深層的調整，或者市場是否正在為進一步成長做好準備。

If Bitcoin manages to maintain support at these levels, the chances of a breakout above $100,000 might increase as this pause in the market’s rapid ascent could be crucial before another price surge.

如果比特幣能夠維持在這些水準的支撐位，那麼突破 10 萬美元以上的機會可能會增加，因為在價格再次飆升之前，市場快速上漲的暫停可能至關重要。

Historically, after periods of consolidation, Bitcoin has shown resilience and often reached new all-time highs. Despite some short-term pressure, the overall market sentiment remains positive.

從歷史上看，經過一段時間的盤整後，比特幣表現出了彈性，並經常創下歷史新高。儘管存在一些短期壓力，但整體市場情緒仍然樂觀。

Bitcoin Rally Imminent After Golden Cross?

金十字後比特幣反彈即將到來？

In the midst of this consolidation, one other factor is adding to the optimism. On November 18, CryptoQuant, an on-chain analytics platform, highlighted a rare “golden cross” in Bitcoin’s Puell Multiple, a key indicator of mining profitability.

在這種整合過程中，另一個因素也增加了樂觀情緒。 11 月 18 日，鏈上分析平台 CryptoQuant 強調了比特幣普埃爾倍數中罕見的“黃金十字”，這是挖礦盈利能力的關鍵指標。

This metric measures the daily value of mined Bitcoin against its 365-day moving average. Historically, when the metric rises above the moving average, it has been followed by significant price surges.

該指標根據 365 天移動平均線衡量開採的比特幣的每日價值。從歷史上看，當該指標升至移動平均線時，價格就會大幅上漲。

According to CryptoQuant, in the past five years, the Puell Multiple has crossed the 365-day moving average only three times, and each time, it has triggered substantial Bitcoin price increases.

根據 CryptoQuant 的數據，在過去的五年裡，Puell Multiple 只跨越了 365 天移動平均線 3 次，而每一次，都引發了比特幣價格的大幅上漲。

“It is a crucial indicator for evaluating mining profitability,” noted CryptoQuant contributor Burakkesmeci.

CryptoQuant 撰稿人 Burakkesmeci 指出：“這是評估挖礦盈利能力的關鍵指標。”

For example, when the Puell Multiple crossed the moving average in March 2019, Bitcoin went on to rally by 83%. In January 2020, a similar event preceded a 113% surge, and in January 2024, the metric again signaled a 76% return.

例如，當普埃爾倍數在 2019 年 3 月突破移動平均線時，比特幣繼續上漲 83%。 2020 年 1 月，類似的事件導致了 113% 的飆升，而在 2024 年 1 月，該指標再次顯示出 76% 的回報。

The data points to a historical average price increase of around 90% following such golden crosses, adding weight to the argument that a major rally could be imminent.

數據顯示，在此類黃金交叉之後，歷史平均價格上漲了 90% 左右，這進一步證明了大幅上漲可能即將到來的論點。

CryptoQuant also pointed out that favorable macroeconomic conditions play a crucial role in boosting the chances of a breakout. With the current market environment, including low interest rates and growing institutional interest in Bitcoin, the conditions seem ripe for another strong bull run as the Puell Multiple continues to rise, increasing the likelihood of Bitcoin seeing another major price surge.

CryptoQuant也指出，有利的宏觀經濟條件對於提高突破機會起著至關重要的作用。在當前的市場環境下，包括低利率和機構對比特幣的興趣不斷增長，隨著普埃爾倍數持續上升，另一場強勁牛市的條件似乎已經成熟，增加了比特幣價格再次大幅上漲的可能性。