比特幣的價格繼續在新成立的80,000美元至85,000美元之間的舞蹈範圍內，顯示出一定程度的運動性。

由於總理加密貨幣損失了90,000美元以上的持有，因此投資者想知道持續的更正是“購買浸入”的機會還是市場頂部。

The Bitcoin price continues to dance within the newly formed $80,000 – $85,000 range, showing some level of indecisiveness in its movement. Since the premier cryptocurrency lost its hold above $90,000, investors have wondered whether the ongoing correction is a “buy the dip” opportunity or the market top is in.

比特幣的價格繼續在新成立的80,000美元至85,000美元之間的舞蹈範圍內，顯示出一定程度的運動性。由於總理加密貨幣損失了90,000美元以上的持有，因此投資者想知道持續的更正是“購買浸入”的機會還是市場頂部。

While there is no surefire way to put these doubts away, on-chain data can provide relevant insights into what is to come. The latest on-chain data suggests the highlighted level below is the one to watch before investors return to the market.

儘管沒有確定的方法可以將這些疑問刪除，但鏈上數據可以提供有關即將發生的事情的相關見解。最新的鏈上數據表明，下面的突出顯示水平是投資者返回市場之前要觀看的水平。

Level To Watch Before ‘Buying The Dip’

在“購買蘸醬”之前要觀看的水平

In a recent post on the X platform, crypto analyst Maartunn shared that it might not be technically secure to reenter the Bitcoin market at the current price. This analysis is based on the movement of the Bitcoin price relative to the current value of the short-term holders’ (STH) average cost basis.

加密分析師Maartunn在X平台上的最新帖子中分享說，以當前價格重新進入比特幣市場可能並不確保。該分析基於比特幣價格相對於短期持有人（STH）平均成本基礎的當前價值的移動。

The STH average cost basis metric estimates the average price at which short-term holders (investors who have owned Bitcoin for less than 155 days) acquired their coins. It represents a psychological level for BTC investors and could act as a reference point for price analysis, especially during bull cycles.

STH平均成本基礎量標準估計短期持有人（擁有比特幣少於155天的投資者）收購了硬幣的平均價格。它代表了BTC投資者的心理層面，可以作為價格分析的參考點，尤其是在牛週期間。

Bitcoin usually trades above the short-term holders’ average cost basis during bull markets, signaling substantial buying pressure and optimistic sentiment from short-term investors. On the flip side, when the price of BTC falls beneath this cost basis — as seen in the ongoing correction, it implies that short-term investors are at a loss, which could lead to a sell-off and precipitate significant bearish pressure.

比特幣通常在牛市期間的短期持有人的平均成本基礎上交易，這表明了短期投資者的巨大購買壓力和樂觀的情緒。另一方面，當BTC的價格低於此成本基礎時 - 如持續的糾正所示，這意味著短期投資者處於虧損狀態，這可能導致拋售並造成巨大的看跌壓力。

According to data from CryptoQuant, the Bitcoin price is currently 6% below the short-term holders’ average cost basis at $90,950. With the flagship cryptocurrency beneath the realized price of short-term holders, the odds are that BTC price could face further selling pressure as the investor cohort looks to minimize their loss.

根據CryptoQuant的數據，比特幣價格目前比短期持有人的平均成本基礎低6％，為90,950美元。由於旗艦加密貨幣在短期持有人的實現價格之下，因此BTC價格可能會面臨進一步的銷售壓力，因為投資者隊列希望最大程度地減少其損失。

Using this logic, Maartunn noted that investors might want to wait till the price of Bitcoin climbs above the STH average cost price before reentering the market.

Maartunn使用這種邏輯指出，投資者可能希望等到比特幣的價格攀升到STH平均成本價格高於市場之前。

Interestingly, the short-term investors appear to still be loading their bags. Crypto analyst Ali Martinez revealed in a post on X that short-term holders have purchased more than 35,000 BTC in the past 4 days.

有趣的是，短期投資者似乎仍在裝上行李。加密分析師阿里·馬丁內斯（Ali Martinez）在X上的一篇文章中透露，短期持有人在過去4天中購買了超過35,000 BTC。

Bitcoin Price At A Glance 

比特幣價格一目了然

As of this writing, the price of BTC sits just below the $86,000 mark, reflecting an over 2% jump in the past 24 hours.

截至撰寫本文時，BTC的價格位於86,000美元以下，反映了過去24小時的增長超過2％。