比特幣現在回到短期持有人實現的價格之上

鏈上的數據顯示，比特幣價格已收回了短期持有人的成本基礎，這在歷史上在心理上很重要。

On-chain data from Glassnode indicates that the Bitcoin price has reclaimed the cost basis of the short-term holders (STHs). This level, often highlighted by analysts, is said to hold psychological importance.

玻璃節鏈的鏈上數據表明，比特幣價格已收回了短期持有人（STH）的成本基礎。據說這種水平通常由分析師強調，具有心理上的重要性。

Bitcoin Price Now Back Above STH Realized Price

比特幣價格現在回到STH實現的價格

In a recent post on X, on-chain analytics firm Glassnode discussed the Realized Price of the Bitcoin STHs.

在X上最近的一篇文章中，鏈分析公司GlassNode討論了比特幣STH的實現價格。

The “Realized Price” here refers to an indicator that keeps track of the cost basis or acquisition level of the average investor in the BTC sector. When the spot price of the cryptocurrency is trading above this metric, it means the holders as a whole are sitting on a net unrealized profit. On the other hand, it being under the indicator suggests the collective is in a state of loss.

這裡的“實現價格”是指一個指標，該指標可以跟踪BTC部門普通投資者的成本基礎或收購水平。當加密貨幣的現貨價格超過該度量標準時，這意味著持有人整體上都坐著未實現的利潤。另一方面，它在指標下表明集體處於損失狀態。

In the context of the current topic, the Realized Price of only a specific part of the sector is of interest: the short-term holders (STHs).

在當前主題的背景下，該部門的特定部分的實現價格是感興趣的：短期持有人（STHS）。

The STHs are made up of the BTC investors who purchased their coins within the past 155 days. This cohort represents one of the two broad divisions of the userbase done on the basis of holding time, with the other group being known as the long-term holders (LTHs).

STH由BTC投資者組成，他們在過去155天內購買了硬幣。該隊列代表了根據持有時間進行的用戶群的兩個廣泛部門之一，另一組被稱為長期持有人（LTHS）。

Statistically, the longer an investor holds onto their coins, the less likely they are to sell them at any point. As such, the LTHs include the resolute hands, while the STHs include the weak ones.

從統計學上講，投資者持有硬幣的時間越長，他們在任何時候出售它們的可能性就越小。因此，LTH包括堅決的手，而STH則包括弱者。

Now, here is a chart that shows how the Realized Price of the Bitcoin STHs has changed during the last few months:

現在，這是一個圖表，顯示了過去幾個月中比特幣STH的實現價格發生了變化：

As displayed in the above graph, the Bitcoin spot price fell below the STH Realized Price earlier in the year, suggesting these investors dipped into a state of net loss.

如上圖所示，比特幣的價格低於今年早些時候實現的STH實現價格，這表明這些投資者浸入了淨虧損狀態。

As mentioned earlier, the STHs include the fickle hands of the market. These investors often panic whenever retests related to their cost basis occur, so the cryptocurrency can feel some kind of reaction when it touches the STH Realized Price.

如前所述，STH包括市場的善變之手。這些投資者通常會在與成本基礎相關的重新測試時感到恐慌，因此，當加密貨幣觸及STH實現的價格時，加密貨幣會感到某種反應。

When this retest occurs from below (that is, when the STHs were in the red prior to the retest), the cohort might react by selling, if the sentiment among them is bearish. This panic exiting at the break-even can provide resistance to the asset. From the chart, it’s visible that Bitcoin witnessed this effect back in early March.

當這種重新測試是從下面發生的（即，當STH在重新測試之前處於紅色時）時，同時可能會通過出售而做出反應，如果它們之間的情緒是看跌的話。這種恐慌在分裂中退出可以提供對資產的抵抗力。從圖表中，比特幣在3月初見證了這種效果。

After staying under the line for a couple of months, though, it appears the asset has finally managed to break above the resistance with the latest price rally. If the asset now goes on to see a sustained move in this profit region, it could be a signal that confidence is back among the STHs.

不過，在呆了幾個月之後，看來，通過最新的價格集會，資產終於設法超越了阻力。如果現在的資產繼續看到該利潤地區的持續轉移，則可能表明信心又回到了STH中。

Historically, these holders being bullish has meant that their cost basis has turned into a notable support level for the cryptocurrency.

從歷史上看，這些持有人是看漲的，這意味著他們的成本基礎已成為加密貨幣的顯著支持水平。

BTC Price

BTC價格

Following a surge of almost 6% in the last 24 hours, Bitcoin has returned to the $93,600 mark.

在過去24小時內激增了近6％之後，比特幣恢復了93,600美元。