总部位于美国的加密货币交易平台重新获得了对比特币（BTC）代币转移量的影响力，可以在2025年下半年开始集会。

比特币研究人员Axel Adler JR指出，“ US与近岸比率”，该比率衡量了US受调节和近海交易所之间的令牌传输量

US-based crypto trading platforms are regaining influence over Bitcoin's (BTC) token transfer volumes, which could possibly kick-start a rally in the second half of 2025.

总部位于美国的加密货币交易平台正在恢复对比特币（BTC）代币转移量的影响力，这可能在2025年下半年开始进行集会。

Bitcoin researcher Axel Adler Jr pointed out that the "US vs. off-shore ratio," which measures token transfer volumes between US-regulated and offshore exchanges, indicated a drop in dominance from US exchanges after BTC reached an all-time high in January.

比特币研究人员Axel Adler JR指出，“ US与近岸比率”测量了美国受调节和近海交易所之间令牌传输量的量，这表明BTC在一月份达到了史无前及的美国交流后的优势下降。

As illustrated in the chart, a trend reversal is underway, which implies BTC transfer volumes on US exchanges are beginning to rise again, aligning with previous bull market rallies.

如图所示，趋势逆转正在进行中，这意味着美国交易所的BTC转移量再次开始上升，与以前的牛市集会保持一致。

A key technical indicator in the chart is the 90-day simple moving average (SMA) crossing above the 365-day SMA. Historically, this crossover has preceded major price rallies. For example, when this signal occurred at $60,000, Bitcoin began a rally within one week. This suggests a potential price surge may occur in the coming weeks.

图表中的关键技术指标是365天SMA上方的90天简单移动平均线（SMA）。从历史上看，这种跨界已经进行了重大价格集会。例如，当此信号发生在60,000美元时，比特币在一周内开始集会。这表明在未来几周内可能会出现潜在的价格上涨。

Likewise, verified onchain analyst Boris Vest said Bitcoin is still undervalued. In a quick take post on CryptoQuant, the analyst explained that Bitcoin exchange reserves have fallen to 2018 levels, with only 2.43 million BTC held on exchanges compared to 3.4 million in 2021, indicating long-term holding and reduced supply.

同样，经过验证的OnChain分析师Boris Vest表示，比特币仍被低估。分析师在快速发表有关CryptoQuant的文章中解释说，比特币交换储量已降至2018年的水平，仅在交易所进行了243万BTC，而2021年为340万，表明长期持有和供应减少。

The Bitcoin stablecoin supply ratio (SSR) at 14.3 highlighted that significant purchasing power remains, as the ratio is below 2021 levels. Boris said,

14.3的比特币稳定量供应比（SSR）强调，由于比率低于2021水平，因此仍然存在明显的购买力。鲍里斯说，

"This indicates that there is still room for new highs in the current bull market."

“这表明目前的牛市仍然有新的高点。”

Bitcoin flips key monthly indicator, opening a path to $90K

比特币翻转密钥每月指示器，打开通往$ 90K的道路

Markets analyst Dom highlighted that Bitcoin's recent multi-month downtrend breakout coincides with BTC flipping the monthly VWAP into support for the first time since January.

市场分析师DOM强调，比特币最近的多个月下降趋势突破恰逢BTC自1月以来首次将每月的VWAP翻转为支持。

The Volume-Weighted Average Price (VWAP) is a technical indicator that calculates the average price weighted by trading volume. Traders use VWAP to assess trend shifts, identify support or resistance, and gauge whether an asset is overbought or oversold.

体积加权的平均价格（VWAP）是一个技术指标，可以计算出交易量的平均价格。交易者使用VWAP评估趋势变化，确定支持或抵抗，并衡量资产是否过多或超卖。

Dom said,

唐说，

"This is the first time since January that we've seen this pivot, and it's a key indicator of a potential shift in momentum."

“这是自1月以来我们第一次看到这个枢纽，这是动量转变的关键指标。”

However, Alphractal founder João Wedson remained cautious with Bitcoin as it hovers near the $86,000 mark.

但是，字母的创始人乔·韦德森（JoãoWedson）对比特币保持谨慎，因为它徘徊在$ 86,000大关。

He explained that waiting for a pullback if Bitcoin breaks above this level is the right approach, or bearish control might prevail. This echoes Alphractal's analysis of $86,300 as a key resistance zone with the potential of becoming a bull trap.

他解释说，如果比特币突破此水平是正确的方法，或者看跌控制可能会占上风，等待回调。这与Alphractal对86,300美元的分析相呼应，作为关键阻力区，有可能成为公牛陷阱。