加密貨幣市場陷入循環，像乒乓球一樣在希望和恐慌之間彈跳

恐懼與貪婪指數正在翻滾，從極度恐懼轉向貪婪，彷彿無法下定決心。

The crypto market is experiencing extreme volatility, with rapid shifts in sentiment and a lack of clear direction from the broader economy.

加密貨幣市場正在經歷極度波動，情緒迅速變化，整體經濟缺乏明確的方向。

Despite hints of rate cuts from central banks, which should benefit risky assets like crypto, we're seeing a surprising lack of movement in Bitcoin. It briefly surged from $60,000 to $64,000 but has since stalled.

儘管央行有降息的跡象，這應該有利於加密貨幣等風險資產，但我們看到比特幣的走勢卻令人驚訝地缺乏。它短暫地從 60,000 美元飆升至 64,000 美元，但此後一直停滯不前。

Meanwhile, retail investors are piling into long positions, a trend that has historically preceded market downturns.

同時，散戶紛紛買進多頭頭寸，趨勢歷來先於市場低迷。

Altcoins are also experiencing sharp movements, with TON's price plummeting following news of Telegram founder Pavel Durov's arrest. This triggered a wave of liquidations, but open interest in TON is reaching new highs, indicating traders' interest in exploiting the volatility.

山寨幣也經歷了劇烈波動，在 Telegram 創始人 Pavel Durov 被捕的消息傳出後，TON 的價格暴跌。這引發了一波清算浪潮，但 TON 的未平倉合約創下新高，表明交易者有興趣利用波動性。

Liquidity is crucial in the current market. For Bitcoin, key support zones to watch are below $62,000 and around the mid-$58,000 range.

流動性在當前市場中至關重要。對於比特幣來說，值得關注的關鍵支撐區域是 62,000 美元以下和 58,000 美元中間附近。

If Bitcoin breaches these levels and continues to decline, it could reach critical pain points. A significant drop in open interest at these points might signal a shift.

如果比特幣突破這些水準並繼續下跌，它可能會達到關鍵的痛點。在這些點上未平倉合約的大幅下降可能預示著一種轉變。

We've seen a pattern where price drops coincide with rising open interest, followed by a rapid price recovery. This script is familiar to traders, who are poised to react if it unfolds again.

我們看到了一種模式，即價格下跌與未平倉合約增加同時發生，隨後價格迅速回升。交易者對這個腳本很熟悉，如果它再次發生，他們準備好做出反應。