比特币（BTC）当前处于合并阶段

比特币持续数周的销售压力和增强的波动性后，比特币目前处于合并阶段。尽管努力超越$ 90k的水平

Bitcoin (BTC) is currently in a consolidation phase after enduring weeks of selling pressure and heightened volatility. Despite struggling to break above the $90K level, BTC continues to hold strong above the $80K-$81K zone—a crucial support range that has kept the broader market from slipping into deeper losses.

比特币（BTC）持续数周的销售压力和增强的波动性后，目前处于合并阶段。尽管努力超过90,000美元的水平，但BTC仍在超过8万美元至8.1k美元的区域（一个重要的支持系列），这是一个关键的支持系列，它使更广泛的市场无法陷入更深的损失。

However, macroeconomic tensions persist, with the ongoing trade conflict between the United States and China fueling global uncertainty. The threat of further tariffs and an impending recession continues to weigh on risk-on assets like Bitcoin.

但是，宏观经济紧张局势持续存在，美国与中国之间的贸易冲突促进了全球不确定性。进一步关税和即将衰退的威胁继续在比特币等风险资产上权衡。

Still, on-chain metrics suggest that larger players remain confident. According to data from Glassnode, wallets holding more than 10,000 BTC continue to accumulate, with their trend score hovering near 0.7—indicating sustained bullish activity from long-term holders.

尽管如此，链的指标表明，较大的玩家仍然有信心。根据GlassNode的数据，持有10,000多个BTC的钱包继续积累，其趋势得分徘徊在0.7接近0.7，这表明了长期持有人的持续看涨活动。

Chart: TradingView

图表：TradingView

Smaller cohorts—ranging from less than 1 BTC to 100 BTC—have started easing their distribution, with the 10–100 BTC group now approaching a 0.5 trend score.

较小的队列（从少于1 BTC到100 BTC）开始缓解其分布，目前10-100 BTC组的分布接近0.5趋势得分。

With whales leading the charge and smaller holders beginning to follow, Bitcoin’s consolidation may set the stage for the next major move once macro conditions stabilize.

随着鲸鱼领导电荷，较小的持有人开始遵循，一旦宏观条件稳定，比特币的合并可能为下一个重大移动奠定了基础。

Bitcoin is at a pivotal moment as global tensions and economic instability continue to drive volatility across markets. The escalating trade war between the United States and China has triggered waves of investor uncertainty, especially after U.S. President Donald Trump announced a 90-day tariff pause for all countries except China.

随着全球紧张局势和经济不稳定继续推动整个市场的波动，比特币处于关键时刻。美国与中国之间的贸易战不断提高引发了投资者的不确定性浪潮，尤其是在美国总统唐纳德·特朗普宣布除中国以外的所有国家 /地区宣布了90天的关税停顿。

With trade relations between the world’s largest economies hanging in the balance, market participants remain cautious, and Bitcoin—often viewed as a high-risk asset—continues to trade below key moving averages.

随着世界上最大的经济体之间悬而未决的贸易关系，市场参与者仍然谨慎，比特币（通常被视为高风险资产）持续到以下关键移动平均值以下的贸易。

However, despite the bearish overhang, on-chain data from Glassnode reveals a more nuanced picture. Wallets holding over 10,000 BTC maintain a strong accumulation trend, with the trend score hovering around 0.7. This sustained activity suggests that long-term, deep-pocketed investors are undeterred by short-term price swings and continue to build positions.

然而，尽管看跌了悬垂，但玻璃节的链链数据显示出更加细微的图片。持有超过10,000 BTC的钱包保持了强劲的积累趋势，趋势评分徘徊在0.7左右。这项持续的活动表明，长期，雄厚的投资者并没有被短期价格波动所避免，并继续建立职位。

Bitcoin is currently trading around critical liquidity levels, caught in a tight range as the market lacks clear direction. After weeks of volatility, BTC now sits in a consolidation phase, where both buyers and sellers hesitate to take control.

比特币目前正在围绕关键的流动性水平进行交易，由于市场缺乏明确的方向，范围很差。经过数周的波动，BTC现在正处于合并阶段，买卖双方都犹豫要控制。

The key challenge for bulls is to reclaim the $90K mark, which would set the stage for a recovery rally and potentially open the door for a breakout above the $95K level—a crucial threshold for re-establishing a strong bullish structure.

公牛队的主要挑战是收回$ 90K的大关，这将为恢复集会奠定基础，并有可能打开以高于$ 95K的水平的突破，这是重新建立强大的看涨结构的关键门槛。

However, before bulls can think about $90K, they must first overcome two important moving averages. The 200-day EMA, located around $85K, and the 200-day MA, near $88K, are acting as firm resistance levels. These technical indicators have historically played a key role in determining trend direction and sentiment. A sustained move above both would confirm strength and increase the likelihood of further upside.

但是，在公牛队考虑到约9万美元之前，他们必须首先克服两个重要的移动平均值。 200天的EMA位于约8.5万美元和200天的MA，接近8.8万美元，正充当公司的阻力水平。这些技术指标历史上一直在确定趋势方向和情感方面发挥了关键作用。超越两者的持续移动将确认力量并增加进一步上升的可能性。

On the flip side, failure to reclaim these levels could expose BTC to renewed selling pressure. A breakdown below the $82K support zone could trigger a deeper retracement, possibly dragging price back toward the $75K region.

另一方面，未能收回这些水平可能会使BTC面临新的销售压力。低于$ 82K的支撑区的故障可能会引发更深层次的回溯，可能会将价格拖回75,000美元的地区。

For now, Bitcoin remains in limbo, awaiting a decisive move.

目前，比特币仍然处于困境，等待决定性的举动。