随着宏观不确定性和贸易战争的恐惧继续影响加密和股票，比特币（BTC）努力恢复关键阻力水平

随着宏观经济的不确定性和贸易战的恐惧继续影响美国的加密和股票，比特币正在努力恢复关键的抵抗水平

Bitcoin (BTC) is battling to reclaim key resistance levels as macroeconomic uncertainty and trade war fears continue to impact both crypto and equities in the U.S.

随着宏观经济的不确定性和贸易战的恐惧继续影响美国的加密和股票，比特币（BTC）正在争取重新获得关键阻力水平

The leading cryptocurrency has lost over 29% of its value since January, and the downtrend shows no clear signs of reversal yet. As Bitcoin struggles below key levels, investors are questioning whether the bull cycle is over or if the market is setting up for a major comeback.

自1月以来，领先的加密货币已经损失了其价值的29％以上，而下降趋势还没有明显的逆转迹象。随着比特币低于关键水平的斗争，投资者正在质疑公牛周期是否结束，或者市场是否正在为重大复出而设置。

Despite the negative sentiment, on-chain metrics suggest that demand for BTC and ETH remains strong. CryptoQuant data reveals that the current spread between the Exchange Inflow of all stablecoins on the Ethereum network and the Inflow of BTC + ETH (selling pressure) exceeds all previous peaks in coin demand.

尽管存在负面情绪，但链链指标表明对BTC和ETH的需求仍然很强。加密数据表明，以太坊网络上所有稳定股的交换流入与BTC + ETH（销售压力）的流入之间的电流扩展超过了硬币需求的所有峰值。

Historically, such trends have marked key accumulation zones before price recoveries. Notably, the highest demand for BTC and ETH was recorded near Bitcoin’s all-time high (ATH) at $101K.

从历史上看，这种趋势在价格回收之前已经标志着主要的积累区。值得注意的是，对BTC和ETH的最高需求是在比特币的历史最高水平（ATH）附近记录的，售价为10.1万美元。

While uncertainty persists, this on-chain signal suggests that accumulation may be brewing, giving Bitcoin the potential to stabilize and reclaim higher price levels. The next few days will be critical in determining whether bulls can manage to regain control or if further declines are on the horizon.

尽管不确定性仍然存在，但这种链信号表明积累可能正在酿造，使比特币具有稳定和收回更高价格水平的潜力。接下来的几天对于确定公牛是否可以设法恢复控制或进一步下降即将到来至关重要。

Bitcoin Enters Bear Market Territory

比特币进入熊市领土

Bitcoin has officially entered bear market territory, with many analysts forecasting a deeper correction as fear spreads across global financial markets. Erratic policies by U.S. President Trump, including tariffs and foreign trade decisions, have contributed to economic instability, with rising speculation about a potential recession.

比特币已正式进入熊市领土，许多分析师预测恐惧在全球金融市场中的蔓延会更深入。美国总统特朗普的不稳定政策，包括关税和外贸决定，促成了经济动荡，对潜在衰退的猜测增加了。

These factors have shaken both the crypto and equity markets, leading to a continued decline in Bitcoin’s price. However, not all analysts believe that the bull cycle has come to an end.

这些因素激动了加密和股票市场，导致比特币价格持续下降。但是，并非所有分析家都认为牛周期已经结束。

Some maintain that despite the correction, strong demand remains for BTC and ETH. Top analyst Axel Adler shared insights on X, highlighting that the current spread between the Exchange Inflow of all stablecoins on the Ethereum network and the Inflow of BTC + ETH (selling pressure) outpaces all previous peaks in coin demand.

有些人坚持认为，尽管进行了纠正，但BTC和ETH仍然有强烈的需求。顶级分析师阿克塞尔·阿德勒（Axel Adler）在X上分享了见解，强调了以太坊网络上所有Stablecoins的交换流入与BTC + ETH（销售压力）的流入之间的当前扩展超过了硬币需求中所有峰值的峰值。

As depicted in the chart above, Adler notes that similar trends have historically marked key accumulation zones, setting the stage for major price recoveries. The apex demand for BTC + ETH was observed during the period when Bitcoin approached its all-time high (ATH) of $101K.

如上图所示，阿德勒指出，类似趋势在历史上标志着关键的积累区，为重大价格回收奠定了基础。在比特币接近其历史最高高价（ATH）101k的时期，对BTC + ETH的最高需求进行了观察。

The chart also shows the metric’s peaks, denoted by green circles, which coincide with active periods of accumulation in the market. At present, the spread is elevated above all prior peaks and stands at a single standard deviation from the annual average levels.

该图表还显示了该度量的峰值，该峰值用绿色圈子表示，这与市场积累的活跃时期相吻合。目前，差距高于所有先前的峰值，并且与年平均水平的单一标准偏差。

Since September 2023, Bitcoin has displayed sustained demand growth, which is evident in the steeper slope, at an angle of roughly 45 degrees, of the range curve for this metric. If this pattern persists, it may indicate that Bitcoin is nearing the endpoint of its correction, setting the stage for a potential recovery in the upcoming months.

自2023年9月以来，比特币表现出持续的需求增长，这在陡峭的斜率上以大约45度的角度显示了该度量标准的范围曲线。如果这种模式持续存在，则可能表明比特币接近其校正的终点，为在接下来的几个月中的潜在恢复奠定了基础。

The Importance Of Reclaiming Key Levels

收回关键水平的重要性

Bitcoin is currently trading at $83,500 after losing the 200-day moving average (MA) around $84,300. The ongoing battle between bulls and bears remains fierce, with BTC struggling to reclaim a key resistance level.

比特币在损失200天的移动平均值（MA）$ 84,300后，目前的交易价格为83,500美元。公牛与熊之间的持续战斗仍然激烈，BTC努力地夺回了关键的抵抗水平。

For a recovery scenario to take shape, Bitcoin must manage to push above the $86,000 level with strength, ultimately confirming a shift in momentum. This move would open the door for a potential retest of the $90K mark, which remains a critical psychological and technical resistance.

为了形成恢复情况，比特币必须设法以强度的强度推高超过86,000美元的水平，最终确认了动量的转变。这一举动将为重新测试$ 90K的大关打开大门，这仍然是一种关键的心理和技术抵抗。

However, failing to reclaim $86K in the coming sessions could spell trouble for bulls. If BTC continues to struggle below this level, a drop below the $80K support zone becomes increasingly likely. A break below this level could trigger a deeper correction, potentially leading BTC into the $75K-$78K demand zone.

但是，未能在即将到来的会议上收回$ 86K可能会给公牛带来麻烦。如果BTC继续努力低于此水平，那么低于$ 80K的支撑区的下降越来越有可能。低于此水平的休息可能会引发更深入的更正，可能会导致BTC进入75k- $ 78K的需求区。

For now, Bitcoin remains in a consolidation phase below key moving averages, and the lack of bullish momentum raises concerns about further downside risk. Traders and investors will closely monitor whether BTC can regain lost ground or if continued selling pressure will push prices toward lower levels. The next few days will be crucial in determining Bitcoin’s short-term trajectory.

就目前而言，比特币仍处于关键移动平均值以下的整合阶段，并且缺乏看涨的动力引起了人们对进一步下行风险的担忧。贸易商和投资者将密切监视BTC是否可以恢复失落的地面，或者是否继续销售压力会将价格推向较低的水平。接下来的几天对于确定比特币的短期轨迹至关重要。