比特币（BTC）违反了看跌估值指标，尽管美国需求减弱了7％

CryptoQuant报道说，尽管价格上涨，比特币的估值指标仍在看跌领域。

Bitcoin (BTC) price defied bearish valuation metrics and surged 7% in the past 24 hours despite a contraction in US demand for the cryptocurrency and overall market uncertainty.

比特币（BTC）的价格违反了看跌估值指标，尽管美国对加密货币和整体市场不确定性的需求收缩了过去24小时，但在过去24小时内飙升了7％。

According to data from CoinMarketCap, Bitcoin is currently trading at $82,910, a 24-hour high of $85,108.00. This rally follows a surprising gain of over $7,000 in a single day, leaving analysts debating whether this is a short-term fake pump or a sign of renewed bullish momentum.

根据CoinMarketCap的数据，比特币目前的交易价格为82,910美元，高达24小时高的85,108.00美元。这次集会在一天内的惊人收益超过7,000美元之后，分析师辩论这是短期的假泵还是新的看涨势头的迹象。

Bitcoin’s bull-bear market cycle indicator is at its most bearish level in this cycle.

比特币的牛市市场周期指标在此周期中处于最不钟表水平。

On March 11, on-chain analytics platform CryptoQuant reported that Bitcoin’s valuation metrics remain in bearish territory despite the price surge.

3月11日，链链分析平台CryptoQuant报道说，尽管价格上涨，但比特币的估值指标仍在看跌领域。

At press time, Bitcoin’s MVRV Ratio Z-score, a critical metric for determining whether Bitcoin is overvalued or undervalued, has crossed below its 365-day moving average.

发稿时，比特币的MVRV比率z得分是确定比特币是否被高估或被低估的关键指标，已越过其365天移动平均线。

Historically, this suggests that the upward price trend may have lost momentum. However, Bitcoin’s unexpected gains indicate that external market factors are influencing its price action.

从历史上看，这表明上价趋势可能失去了动力。但是，比特币的意外收益表明，外部市场因素正在影响其价格行动。

Bitcoin rose amid a stabilizing US stock market on March 11, following turbulence sparked by US President Donald Trump’s refusal to rule out a potential recession.

在美国总统唐纳德·特朗普（Donald Trump）拒绝排除潜在衰退的动荡之后，比特币在3月11日稳定的美国股票市场上升起。

Many investors had been cautious, fearing a downturn in economic growth and its impact on risk assets such as cryptocurrencies.

许多投资者一直谨慎，担心经济增长的低迷及其对加密货币等风险资产的影响。

Senator Cynthia Lummis's reintroduction of the BITCOIN Act, which proposes that the US government acquires 1 million BTC over the next five years, could be a significant factor driving Bitcoin’s gains.

参议员辛西娅·卢米斯（Cynthia Lummis）重新引入了《比特币法》，该法案建议美国政府在未来五年内获得100万BTC，这可能是驱动比特币增长的重要因素。

This legislative move has fueled optimism among crypto investors, as large-scale government adoption could significantly impact Bitcoin’s long-term valuation.

这项立法举动激发了加密投资者的乐观情绪，因为大规模的政府采用可能会严重影响比特币的长期估值。

Many traders are skeptical about the sustainability of this rally, considering the ongoing contraction in Bitcoin demand.

考虑到比特币需求的持续收缩，许多交易者对这次集会的可持续性持怀疑态度。

CryptoQuant reports that US-based traders decreased their demand for Bitcoin by 103,000 BTC last week, the fastest pace of contraction since July 2024.

CryptoQuant报道说，总部位于美国的交易者将对比特币的需求减少了103,000 BTC，这是自2024年7月以来收缩的最快收缩速度。

The rapid decline in demand is attributed to macroeconomic uncertainties, including concerns over inflation and new tariffs imposed by President Trump on February 1.

需求的迅速下降归因于宏观经济的不确定性，包括对通货膨胀的担忧和2月1日特朗普总统征收的新关税。

Federal Reserve Chair Jerome Powell’s statement on March 7, reiterating that the Fed is in no hurry to adjust interest rates, has further contributed to investor caution.

美联储主席杰罗姆·鲍威尔（Jerome Powell）于3月7日发表声明，重申美联储不着急调整利率，进一步促成了投资者的谨慎。

Additionally, CryptoQuant notes that whales have slowed down their Bitcoin accumulation, and US-based spot Bitcoin ETFs have turned into net sellers of BTC.

此外，隐秘的注意到鲸鱼减慢了比特币的积累，而美国的现货比特币ETF已变成了BTC的净销售商。

These suggest that institutional demand for Bitcoin may be weakening in the short term.

这些表明，对比特币的机构需求可能在短期内削弱。

Despite the recent price surge, Bitcoin is still down 14% over the past month. However, CryptoQuant suggests that this drawdown is not unusual in historical bull markets.

尽管最近的价格飙升，但比特币在过去一个月中仍下降了14％。但是，加密表明，在历史牛市中，这种缩减并不罕见。

Similar corrections have occurred before, but whether Bitcoin can sustain its gains remains uncertain.

之前已经发生了类似的更正，但是比特币能否维持其收益仍然不确定。

Market analysts are watching Bitcoin’s key support levels between $75,000 and $78,000.

市场分析师正在观看比特币的主要支持水平在75,000美元至78,000美元之间。

If BTC breaks below this range, CryptoQuant warns that its next target could be as low as $63,000, a price level not seen since October 14, 2024.

如果BTC突破此范围以下，CryptoQuant警告说，其下一个目标可能高达63,000美元，这是自2024年10月14日以来未见的价格水平。

Some industry experts, such as Swan Bitcoin CEO Cory Klippsten, remain optimistic, believing that there is a more than 50% chance of Bitcoin hitting a new all-time high before June 2025.

一些行业专家，例如天鹅比特币首席执行官科里·克利普斯滕（Cory Klippsten），仍然乐观，认为比特币在2025年6月之前达到了新的历史最高高点的机会超过50％。

Bitcoin’s current all-time high of $109,000, which it reached on January 20, remains a key psychological level for investors.

比特币目前在1月20日达到的109,000美元的历史最高售价仍然是投资者的关键心理水平。

Overall, Bitcoin’s recent rally defies bearish indicators, but uncertainties around US demand, macroeconomic conditions, and whale activity suggest caution.

总体而言，比特币最近的集会违反了看跌指标，但围绕美国需求，宏观经济状况和鲸鱼活动的不确定性表明了谨慎。

The upcoming months will be critical in determining whether Bitcoin can sustain its upward momentum or if further corrections are on the horizon.

即将到来的几个月对于确定比特币是否可以维持其向上的动力或进一步校正即将到来至关重要。

Investors should closely monitor macroeconomic trends, regulatory developments, and key support levels to gauge Bitcoin’s next move.

投资者应密切监视宏观经济趋势，监管发展和关键支持水平，以评估比特币的下一步行动。