3月20日，比特幣（BTC）的價格約為84,000美元

作為價格抑制策略和轉移零售流的市場狀況。

The price of Bitcoin (BTC) traded around $84,000 on March 20, as persistent price suppression tactics and shifting retail flows shaped market conditions.

比特幣（BTC）的價格在3月20日交易約84,000美元，因為持續的價格抑制策略和零售流動的市場狀況轉移。

New data suggests large-volume traders are actively limiting BTC’s upside below $90,000, even as traditional onchain metrics may no longer reflect actual retail activity.

新數據表明，大型交易者正在積極限制BTC的上漲空間低於90,000美元，即使傳統的OnChain指標可能不再反映實際的零售活動。

BTC/USD reached local highs of $87,500 this week before encountering a firm rejection.

BTC/USD本週遇到了拒絕，本周達到了87,500美元的當地高點。

'Spoofy the Whale' Stalls Rally At $87.5K

'Spoofy the Whale'Stalls Rally售價為$ 87.5K

Trading resource Material Indicators flagged aggressive order book movements on Binance as the cause for BTC’s capped momentum. According to the team,

交易資源材料指標標誌著BTC上限動量的造成二元訂單動作。根據團隊的說法

“If you are wondering why Bitcoin price hasn't been able to rally past $87.5K yet, the reason is price suppression from Spoofy the Whale.”

“如果您想知道為什麼比特幣價格還無法超過87.5k美元，那原因是鯨魚欺騙的價格抑制。”

They highlighted a pattern of shifting ask liquidity blocks placed just above market price—a spoofing tactic historically linked to whales.

他們強調了一種在市場價格高於市場價格的轉移的詢問流動性塊的模式，這是一種與鯨魚有關的欺騙戰術。

Order book data shows spoofed resistance now clusters around $89,000. Material Indicators noted that such activity creates an artificial ceiling, preventing organic upside.

訂單簿數據顯示，欺騙性的阻力現在約為$ 89,000。材料指標指出，這種活動會產生人造天花板，從而防止有機上升空間。

At the same time, investor class breakdowns reveal only the largest players are distributing while smaller entities remain sidelined.

同時，投資者班級分解顯示只有最大的參與者正在分發，而較小的實體仍處於旁觀狀態。

Coinbase Premium Suggests U.S. Accumulation

Coinbase Premium表明我們積累

While Binance hosts manipulatory behavior, the return of a Coinbase premium tells a different crypto news story.

儘管Binance主持了操縱性行為，但Coinbase Premium的回歸講述了另一個加密新聞。

The Coinbase premium index—measuring price differences between Binance and Coinbase—reached its highest level since Feb. 20 after the price of Bitcoin rallied 5% on March 19.

Coinbase Premium指數（binance and Coinbase之間的價格差異）自2月20日以來的最高水平在3月19日的比特幣價格上漲了5％。

According to CryptoQuant analyst Woominkyu, this trend hints at renewed accumulation by U.S.-based institutions and retail investors.

根據加密分析師Woominkyu的說法，這種趨勢暗示了美國機構和零售投資者的累積。

“Past trends show that when this indicator rises, BTC bull markets tend to continue,” he stated. “High likelihood of an accumulation phase, making it a key moment to monitor BTC's momentum.”

他說：“過去的趨勢表明，當這個指標上升時，BTC牛市往往會繼續下去。” “積累階段的可能性很高，使其成為監測BTC勢頭的關鍵時刻。”

The premium index’s 30-day exponential moving average (EMA) recently crossed above the 100-day EMA, adding technical weight to the analysis.

高級指數的30天指數移動平均值（EMA）最近越過100天EMA，為分析增加了技術權重。

Coinbase Advanced, which absorbed Coinbase Pro earlier this year, now serves large players like Tesla and MicroStrategy—suggesting that part of the premium could also reflect institutional inflows.

Coinbase Advanced於今年早些時候吸收了Coinbase Pro，現在為Tesla和MicroStrategy等大型球員提供服務，這是Premium的那部分也可能反映了機構流入。

Retail Enters Through ETFs, Not Wallets

零售通過ETF而不是錢包進入

Despite rising interest, onchain data shows little evidence of retail participation. That view may be outdated.

儘管興趣不斷增加，但Onchain數據幾乎沒有零售參與的證據。這種觀點可能已經過時了。

CryptoQuant CEO Ki Young Ju said retail investors are likely accumulating via spot Bitcoin exchange-traded funds (ETFs), not traditional wallets. According to him,

CryptoQuant首席執行官Ki Young Ju說，散戶投資者可能正在通過現貨比特幣交易所交易基金（ETF）而不是傳統錢包來積累。據他說

“Retail is likely entering through ETFs - the paper Bitcoin layer - which doesn't show up onchain.”

“零售很可能是通過ETF（紙比特幣層）進入的，它不會出現OnChain。”

He estimated that 80% of ETF inflows originate from retail participants. According to Farside data, those inflows have reached $35.88 billion since January.

他估計，80％的ETF流入來自零售參與者。根據Farside數據，自1月以來，這些流入量已達到358.8億美元。

The shift renders onchain metrics—like realized cap or exchange deposits—less useful in gauging retail involvement.

這種轉變使OnChain指標（例如實現的上限或交換存款）無用，可用於計量零售參與。

At the same time, broader interest appears muted. The Google Trends score for "crypto" dropped 62% since January, while the Crypto Fear & Greed Index fell to 31 on March 20, down from 49 a day earlier.

同時，更廣泛的興趣似乎很迷惑。自1月以來，“加密貨幣”的Google趨勢得分下降了62％，而加密恐懼和貪婪指數下降到3月20日的31，降低了一天前的49個。

Trendlines Face Pressure As $85K Holds

趨勢線面臨壓力，$ 85K持有

The rice action of Bitcoin remains choppy between $84,000 and $87,500. Trader Daan Crypto Trades said bulls must protect $84,000–$85,000 to maintain short-term momentum.

比特幣的稻米動作在84,000美元至87,500美元之間。 Trader Daan Crypto Trades表示，公牛必須保護84,000美元至85,000美元，以維持短期勢頭。

“Otherwise you're at risk of visiting those lower liquidity clusters,” he warned, referencing the possibility of a full retrace if the zone breaks.

他警告說：“否則，您有訪問那些較低的流動性集群的風險。”

He also noted that bulls are attempting to reclaim the 200-day simple and exponential moving averages near $85,000—a key signal for trend continuation.

他還指出，公牛試圖收回200天的簡單和指數式移動平均值接近85,000美元，這是趨勢延續的關鍵信號。

According to trader Koroush AK, the EMAs are offering resistance at the Fib level, setting up a "no-win scenario" for either bulls or bears.

根據Trader Korfh AK的說法，EMAS在FIB級別提供阻力，為公牛或熊建立了“無贏的場景”。

Trader Max from BecauseBitcoin added that the price of Bitcoin remains fundamentally suppressed below $88,000–$90,000 due to the EMA cloud.

來自Adbitcoin的Trader Max補充說，由於EMA雲，比特幣的價格從根本上被壓制低於88,000- $ 90,000。

However, he believed that a break above this level would open up further upside potential, possibly towards $95,000 or higher.

但是，他認為超過此水平的休息將開闢進一步的上升潛力，可能會降至95,000美元或更高。

"We're still fundamentally range-bound, but there's potential for a break to the upside if we can manage to clear this EMA cloud and perhaps test that $90K zone again," he concluded.

他總結說：“我們仍然從根本上界定範圍，但是如果我們能夠設法清除EMA雲，並可能再次測試了這一$ 90K的區域，那麼有可能會突破上漲空間。”