比特幣大幅下滑：多種因素共同引發拋售

受長期持有者獲利了結、地緣政治緊張局勢加劇以及槓桿頭寸平倉等多重因素影響，比特幣（BTC）自3月份以來經歷了大幅回調。比特幣創下歷史新高後，獲利回吐激增，而地緣政治的不確定性和槓桿的使用加劇了拋售，導致比特幣較高峰下跌 14%，僅過去一周就下跌 10%。

Bitcoin's Steep Descent: A Convergence of Factors Fuels Sell-Off

比特幣急劇下跌：多種因素共同推動拋售

Since its record-shattering peak of over $73,000 in mid-March, Bitcoin (BTC) has endured a turbulent rollercoaster ride, plummeting amidst a surge in volatility and a substantial correction. An intricate web of factors has orchestrated this sell-off, leaving investors grappling with the underlying causes.

自 3 月中旬突破 73,000 美元的破紀錄高峰以來，比特幣 (BTC) 經歷了動蕩的過山車之旅，在波動性激增和大幅調整中暴跌。一系列錯綜複雜的因素精心策劃了這次拋售，讓投資人努力尋找根本原因。

Profit-Taking: Long-Term Holders Cash In

獲利了結：長期持有者套現

At the forefront of the sell-off stands profit-taking by long-term investors. As Bitcoin ascended to its zenith, these seasoned holders saw an opportune moment to capitalize on the record prices and reap the rewards of their patience. Data from blockchain analytics platform Glassnode reveals the magnitude of their actions, which marked the largest scale of profit-taking since 2021.

處於拋售前沿的是長期投資者的獲利了結。隨著比特幣升至頂峰，這些經驗豐富的持有者看到了利用創紀錄價格並獲得耐心回報的好時機。來自區塊鏈分析平台 Glassnode 的數據揭示了他們行動的規模，這是自 2021 年以來最大規模的獲利回吐。

Geopolitical Turmoil: Risk Aversion Takes Hold

地緣政治動盪：避險情緒盛行

Adding fuel to the fire, geopolitical tensions in the Middle East, particularly between Israel and Iran, sent shockwaves through financial markets, amplifying uncertainties. As geopolitical risks escalated, investors flocked to the safety of traditional assets, dumping their Bitcoin holdings in the process. With traditional markets closed over the weekend, Bitcoin remained the only accessible asset for trading, becoming the focal point of investor panic and further exacerbating the sell-off.

中東地緣政治緊張局勢，尤其是以色列和伊朗之間的緊張局勢，更是火上加油，為金融市場帶來衝擊，加劇了不確定性。隨著地緣政治風險升級，投資人紛紛湧向安全的傳統資產，並在過程中拋售比特幣。由於週末傳統市場休市，比特幣仍然是唯一可交易的資產，成為投資者恐慌的焦點，並進一步加劇了拋售。

Leverage: A Double-Edged Sword

槓桿：一把雙面刃

Compounding the downward pressure was the widespread use of leverage trading, a risky practice that magnifies price movements. During Bitcoin's ascent to its all-time high, leveraged positions reached dizzying heights. However, as the tide turned, leveraged traders faced margin calls, forcing them into a Hobson's choice: inject additional capital or liquidate their positions to stem losses. The latter option, it seems, was the prevalent choice.

槓桿交易的廣泛使用加劇了下行壓力，這是一種放大價格波動的高風險做法。在比特幣升至歷史新高的過程中，槓桿部位達到了令人眼花撩亂的高度。然而，隨著潮流的轉變，槓桿交易者面臨追加保證金的情況，迫使他們做出霍布森式的選擇：注入額外資金或清算頭寸以阻止損失。後一種選擇似乎是普遍的選擇。

Cascade of Selling Pressure

級聯拋售壓力

When a significant number of leveraged positions are liquidated simultaneously, a domino effect ensues, triggering a cascade of selling pressure in the market. As prices decline, more positions are liquidated, intensifying the downward momentum. This phenomenon played a pivotal role in Bitcoin's rapid descent.

當大量槓桿部位同時被清算時，就會產生骨牌效應，引發市場一連串的拋售壓力。隨著價格下跌，更多部位被清算，加劇了下跌勢頭。這一現象對比特幣的快速下跌起到了關鍵作用。

Confluence of Factors

因素的匯合

In sum, the convergence of profit-taking from long-term holders, geopolitical uncertainties, and the unwinding of leveraged positions has conspired to drive Bitcoin's price into a tailspin. Today, Bitcoin's price hovers around $63,000, a stark contrast to its all-time high, with a decline of approximately 14% and a 10% drop in the past week alone.

總而言之，長​​期持有者的獲利回吐、地緣政治的不確定性以及槓桿頭寸的平倉，共同推動比特幣價格陷入混亂。如今，比特幣價格徘徊在 63,000 美元左右，與歷史高點形成鮮明對比，跌幅約為 14%，僅過去一周就下跌了 10%。

As the dust settles and Bitcoin's price continues to fluctuate, analysts speculate on the path that lies ahead. Will the sell-off continue, or will Bitcoin rebound, once again defying gravity? Only time will tell, but one thing is certain: the recent volatility has cast a spotlight on the complex forces that shape the cryptocurrency market.

隨著塵埃落定和比特幣價格持續波動，分析師開始猜測未來的發展方向。拋售會繼續，還是比特幣會反彈，再次反抗重力？只有時間才能證明一切，但有一件事是確定的：最近的波動讓人們專注於塑造加密貨幣市場的複雜力量。