比特币（BTC）从一月份的历史最高点数$ 109,000下降了29％以上

最近的低迷是由宏观经济不稳定，全球贸易战的恐惧和收紧财务状况所驱动的

Bitcoin (BTC) price has dropped by over 29% from its January all-time high (ATH) of $109,000, signaling a broader market correction that has affected both the crypto sphere and U.S. stocks.

比特币（BTC）的价格从一月份的历史最高高价（ATH）降低了29％以上，$ 109,000，这表明了更广泛的市场校正，影响了加密货币领域和美国股票。

With fear and uncertainty gripping investors, many are now speculating whether this signals the beginning of a bear market or if it’s simply a normal correction before another leg up.

由于恐惧和不确定性抓住投资者，许多人现在猜测这是否表示熊市的开始，还是只是在另一支腿之前的正常纠正。

The recent downturn has been driven by macroeconomic instability, global trade war fears, and tightening financial conditions, all of which have contributed to weakened investor confidence.

最近的低迷是由宏观经济不稳定，全球贸易战的恐惧和收紧财务状况的推动，所有这些都导致投资者的信心减弱。

As BTC fails to regain key levels, selling pressure has increased, keeping the market in a risk-off sentiment. However, some investors remain hopeful, believing that this correction is temporary and that Bitcoin will rebound once market conditions stabilize.

由于BTC未能恢复关键水平，销售压力增加了，使市场处于风险范围内。但是，一些投资者仍然充满希望，认为这种更正是暂时的，一旦市场状况稳定，比特币将反弹。

CryptoQuant CEO Ki Young Ju recently shared insights on X, highlighting the Bitcoin Apparent Demand indicator, which suggests that demand remains weak at the moment.

CryptoQuant首席执行官Ki Young Ju最近对X分享了见解，强调了比特币的明显需求指标，这表明目前需求仍然很弱。

According to Ju, low demand periods have usually been followed by either extended consolidation or further downside, making the next few weeks crucial for BTC’s short-term trajectory.

根据JU的说法，低需求周期之后是延长的合并或进一步的缺点，这对于BTC的短期轨迹至关重要。

Bitcoin struggles to find stability as global markets continue to be plagued by fear and speculation.

随着全球市场继续受到恐惧和猜测的困扰，比特币难以找到稳定。

With global trade war fears escalating and macroeconomic conditions remaining volatile, both the crypto and U.S. stock markets have suffered deep corrections, leaving traders bracing for further downside risks.

随着全球贸易战的担忧升级和宏观经济状况持续不断，加密货币和美国股票市场都遭受了深厚的纠正，使贸易商为进一步的下行风险做好了准备。

Currently, Bitcoin is trading at its lowest levels since November 10, 2024, as bears remain in control and bulls struggle to build a strong foundation for recovery. Since late January, BTC has been locked in a downtrend, with lower targets continuously set by investors who believe that the bull cycle may have ended.

目前，比特币的交易处于2024年11月10日以来的最低水平，因为熊仍处于控制状态，公牛队努力为恢复的强大基础奠定了坚实的基础。自1月下旬以来，BTC一直陷入下降趋势，而较低的目标是由投资者不断设定的，这些投资者认为牛周期可能已经结束。

However, while Bitcoin’s price action remains weak, not all analysts are convinced that this is the start of a prolonged bear market.

但是，尽管比特币的价格行动仍然很弱，但并非所有分析师都坚信这是延长熊市的开始。

Ju’s insights on X reveal that Bitcoin demand appears stagnant at the moment. According to Ju’s analysis, the Bitcoin Apparent Demand indicator suggests that interest in BTC has yet to pick up, but it’s still too early to call this a bear market.

JU对X的见解表明，目前比特币需求似乎停滞不前。根据JU的分析，比特币明显的需求指标表明，对BTC的兴趣尚未接收，但现在将其称为熊市还为时过早。

Historically, Bitcoin has experienced similar phases of weak demand before recovering strongly, making the next few weeks critical for BTC’s direction.

从历史上看，比特币在强烈恢复之前经历了相似的需求较弱阶段，这使得接下来的几周对BTC的方向至关重要。

For now, Bitcoin must reclaim key levels to restore market confidence. If demand remains weak, BTC could see further declines, but if buyers step in, the market could begin setting up for a potential recovery.

目前，比特币必须恢复关键水平以恢复市场信心。如果需求仍然很弱，BTC可能会看到进一步的下降，但是如果买家介入，市场可能会开始为潜在的恢复而设置。

Bitcoin is currently trading at $83,100, following several days of selling pressure that has kept it below the $85K mark. The market remains under bearish control, and bulls have yet to show strong momentum for a recovery.

比特币目前的交易价格为83,100美元，此后几天的销售压力使其低于8.5万美元。市场仍然受到看跌的控制，公牛队尚未显示出强大的恢复动力。

For BTC to regain its bullish structure, it must reclaim the $90K–$91K range, as this level aligns with the 4-hour 200-moving average (MA) and exponential moving average (EMA). A break and hold above this zone would signal renewed buying strength, potentially setting the stage for a strong rebound.

为了使BTC重新获得看涨的结构，它必须收回$ 90K- $ 9.1K的范围，因为该水平与4小时的200个流动平均水平（MA）和指数移动平均线（EMA）保持一致。突破并在该区域上方持有，这表明了更新的购买强度，有可能为强有力的反弹奠定基础。

However, if BTC fails to reclaim the 200-day MA and EMA in the coming days, selling pressure could intensify, leading to a massive drop below $80K. A break below this key psychological level could trigger further liquidations, pushing BTC toward lower demand zones and extending its downtrend.

但是，如果BTC在未来几天未能收回200天的MA和EMA，那么销售压力可能会加剧，从而导致大幅下降到8.80千美元以下。低于此关键心理水平的突破可能会引发进一步的清算，将BTC推向较低的需求区域并扩大其下降趋势。

With market sentiment still fragile, the next few trading sessions will be crucial in determining whether Bitcoin can recover or if another wave of sell-offs will drive it lower. Bulls must act quickly, or BTC may face further downside risks in the short term.

由于市场情绪仍然脆弱，接下来的几个交易课程对于确定比特币是否可以恢复或其他抛售浪潮会降低它至关重要。公牛必须迅速采取行动，或者BTC在短期内可能面临进一步的下行风险。