比特幣在第二季初出現波動：在機構懷疑中測試支撐位

第二季初，比特幣 (BTC) 面臨疲軟，價格下跌超過 4.5%。儘管機構資金回流，但缺乏進一步的上漲空間，加上灰階比特幣信託基金（GBTC）資金流出不足，引起了交易員的擔憂。隨著 BTC/USD 測試支撐位，Daan Crypto Trades 等交易商表示，復活節假期可能起到了一定作用，並預計假期後將恢復正常的資金流入/流出。

Bitcoin's Early Q2 Woes: Support Levels Tested Amid Weakness

比特幣第二季初期的困境：支撐位在疲軟中受到考驗

The cryptocurrency market opened the second quarter of 2023 with a lackluster performance, as Bitcoin (BTC) struggled to maintain its key support level of $68,000. The weakness was attributed to a combination of factors, including the Easter holiday period and a cautious approach by institutional investors.

加密貨幣市場在 2023 年第二季開局表現平淡，比特幣 (BTC) 難以維持 68,000 美元的關鍵支撐位。疲軟歸因於多種因素，包括復活節假期和機構投資者的謹慎態度。

Bitcoin Price Correction Amid Institutional Flows

機構流動中比特幣價格調整

Bitcoin's price action witnessed a sharp decline of over 4.5% in the early hours of Q2, eroding gains made in the previous month. Despite the absence of significant outflows from the Grayscale Bitcoin Trust (GBTC), the anticipated upside momentum failed to materialize. Popular trader Daan Crypto Trades attributed the sluggishness to the Easter holiday period, noting that institutional flows were likely disrupted by market closures.

第二季早些時候，比特幣的價格走勢大幅下跌超過 4.5%，侵蝕了上個月的漲幅。儘管灰階比特幣信託基金（GBTC）沒有出現大量資金流出，但預期的上漲勢頭未能實現。受歡迎的交易商 Daan Crypto Trades 將經濟低迷歸因於復活節假期，並指出機構資金流動可能因市場關閉而受到干擾。

Grayscale Outflows Slow Down

灰階流出放緩

Data from crypto intelligence firm Arkham revealed that GBTC outflows, which had been a significant factor in BTC's price declines in recent months, have started to slow down. The final trading day of Q1 saw a modest outflow of $104 million, far less than the record $642 million recorded on March 18. This suggests that institutional investors may be adopting a more cautious stance towards Bitcoin in the current market environment.

加密情報公司 Arkham 的數據顯示，GBTC 資金外流已開始放緩，這是近幾個月 BTC 價格下跌的重要因素。第一季最後一個交易日小幅流出 1.04 億美元，遠低於 3 月 18 日創下的 6.42 億美元紀錄。這表明機構投資者在當前市場環境下可能對比特幣採取更加謹慎的立場。

Technical Analysis Raises Concerns

技術分析引發擔憂

From a technical perspective, Bitcoin's descent below the 200-period moving average on four-hour timeframes, currently at $67,330, has raised concerns among traders. Popular analyst Skew cautioned that the price could dip further if it fails to reclaim the $70,000 mark.

從技術角度來看，比特幣在四小時時間範圍內跌破 200 週期移動平均線（目前為 67,330 美元）引起了交易者的擔憂。頗受歡迎的分析師 Skew 警告稱，如果未能收復 7 萬美元大關，價格可能會進一步下跌。

Downward Pressure in Spot Markets

現貨市場下行壓力

Trading firm QCP Capital highlighted increased "downward pressure" across crypto spot markets, including Bitcoin and Ethereum. The firm reported significant interest in selling calls and buying puts, indicating that traders are positioning themselves for a potential market downturn.

交易公司 QCP Capital 強調，包括比特幣和以太坊在內的加密貨幣現貨市場的「下行壓力」不斷增加。該公司報告稱，他們對賣出看漲期權和買入看跌期權表現出濃厚的興趣，這表明交易者正在為潛在的市場低迷做好準備。

Smart Money Eyes a Dip at $62,000

聰明的投資者認為股價會下跌至 62,000 美元

An analysis of Binance's order book liquidity by trading resource Material Indicators suggests that "smart money" is preparing to buy the Bitcoin dip at around $62,000. Co-founder Keith Alan noted that bids are laddered down to that level, indicating a belief that the price could retest support in the near term.

透過交易資源 Material Indicators 對幣安訂單簿流動性的分析表明，「聰明的錢」正準備在 62,000 美元左右的價格下跌時買入比特幣。聯合創始人基思艾倫指出，出價已逐步降至該水平，表明人們相信價格可能會在短期內重新測試支撐位。

Uncharted Territory for Institutional Buyers

機構買家的未知領域

Alan further indicated that Bitcoin's price action in relatively uncharted territory has created uncertainty among institutional buyers. However, he expressed confidence that belief in new all-time highs remains strong once the block subsidy halving event has passed.

艾倫進一步表示，比特幣在相對未知領域的價格走勢為機構買家帶來了不確定性。然而，他表示相信，一旦集體補貼減半事件過去，對歷史新高的信心仍然強勁。

Caution and Optimism in the Market

The current weakness in the cryptocurrency market has prompted caution among traders and investors. However, the presence of strong liquidity at lower price levels suggests that some market participants are anticipating a recovery in the near future. With the block subsidy halving approaching, the market will be closely watching Bitcoin's price action for signs of a sustained rally.

目前加密貨幣市場的疲軟促使交易者和投資者保持謹慎。然而，較低價格水準下的強勁流動性表明，一些市場參與者預計不久的將來會出現復甦。隨著區塊補貼減半的臨近，市場將密切關注比特幣的價格走勢，尋找持續上漲的跡象。