比特币 (BTC) 在 10 万美元大关面临严重拒绝，加密货币行业最大规模的清算事件加剧了对多头挤压的担忧

比特币 (BTC) 本周在 100,000 美元大关遭遇严重拒绝，其价格在 98,000 美元附近徘徊

Bitcoin (BTC) price action faced a critical rejection at the $100,000 mark this week, leaving its price stuck in a holding pattern in the sub-$98,000 after hitting a multi-year high. The failed breakout sparked significant volatility in the crypto markets.

比特币 (BTC) 价格走势本周在 100,000 美元大关遭遇严重拒绝，使其价格在触及多年高点后陷入 98,000 美元以下的坚守格局。失败的突破引发了加密货币市场的大幅波动。

According to data, over $495 million was liquidated in 24 hours, marking the crypto sector’s largest liquidation event. This stoked fears of a potential long squeeze.

数据显示，24小时内清算金额超4.95亿美元，这是加密货币领域最大规模的清算事件。这引发了人们对可能出现多头挤压的担忧。

Bitcoin Liquidations, Long Squeeze Risk

比特币清算，多头挤压风险

Recent data points toward a troubling scenario for Bitcoin traders. Since November 23, liquidations have amounted to nearly $144 million, with $98 million attributed to long positions and $46 million to shorts. These liquidations indicate overleveraged long traders who bet aggressively on Bitcoin breaching the $100,000 price point.

最近的数据表明比特币交易者面临着令人不安的情况。自 11 月 23 日以来，清算金额已接近 1.44 亿美元，其中 9800 万美元属于多头头寸，4600 万美元属于空头头寸。这些清算表明杠杆过高的多头交易者大举押注比特币突破 10 万美元的价格点。

This aggressive unwinding of long positions carries the risk of triggering a long squeeze. A long squeeze occurs when traders holding long positions are forced to sell their assets due to margin calls or stop-loss triggers. This amplifies selling pressure, creating a cascading effect that drives prices lower.

这种多头头寸的激进平仓可能会引发多头挤压的风险。当持有多头头寸的交易者因追加保证金或止损触发而被迫出售其资产时，就会发生多头挤压。这放大了抛售压力，产生连锁效应，压低价格。

However, with Bitcoin’s funding rate declining—indicating reduced demand for leveraged longs—the threat of such a scenario seems to be diminishing. Flattening open interest (OI) further suggests a lack of new capital entering the market, highlighting traders’ caution.

然而，随着比特币融资利率的下降（表明对杠杆多头的需求减少），这种情况的威胁似乎正在减弱。未平仓合约（OI）趋平进一步表明缺乏新资本进入市场，凸显了交易者的谨慎态度。

Moreover, Bitcoin’s inability to sustain bullish momentum has dented market optimism. The charts show a significant dip in OI-weighted funding rates, correlating with Bitcoin’s retracement from its highs. Historically, such conditions have either preceded extended consolidation or deeper corrections.

此外，比特币无法维持看涨势头，削弱了市场的乐观情绪。图表显示，OI 加权融资利率大幅下降，与比特币从高点回撤相关。从历史上看，这种情况要么先于长期盘整，要么先于更深层次的调整。

Bitcoin Price Action Cooling Off

比特币价格走势降温

The minuscule daily candle that the BTC/USD pair has formed on Nov. 25 shows the declining excitement of market participants. The bullish cues driving Bitcoin prices, including the Trump election win and Gensler exit, seem to have been priced in by the market.

BTC/USD 货币对在 11 月 25 日形成的日线小蜡烛显示出市场参与者的兴奋度正在下降。推动比特币价格上涨的看涨信号，包括特朗普当选和詹斯勒退出，似乎已被市场消化。

Bitcoin’s price could drop to find support near $88,700 if the rally corrects. Furthermore, breaching the immediate support might force BTC’s price to test support near $73,600.

如果反弹修正，比特币的价格可能会下跌至 88,700 美元附近找到支撑。此外，突破即时支撑位可能会迫使 BTC 价格测试 73,600 美元附近的支撑位。

On the other hand, a break above $100,000 could give Bitcoin’s price the impetus to rally to the resistance near $110,500. Breaking and consolidating above the immediate resistance might help the token rally to the resistance near $126,000 before pulling back. The consolidation phase could last till 2025 unless BTC finds some new cues to fuel its bull run.

另一方面，突破 100,000 美元可能会推动比特币价格反弹至 110,500 美元附近的阻力位。突破并巩固于直接阻力位之上可能有助于代币反弹至 126,000 美元附近的阻力位，然后再回调。除非 BTC 找到一些新的线索来推动牛市，否则整合阶段可能会持续到 2025 年。

The relative strength index for Bitcoin continued to be overbought, with a score of 78.19 on the daily charts. The overbought RSI levels add to the bearish cues against Bitcoin, strengthening the correction narrative.

比特币的相对强度指数继续超买，日线图得分为78.19。超买的 RSI 水平增加了对比特币的看跌暗示，强化了修正的叙述。