比特币（BTC）指标重新测试水平，该水平历史上是看跌与看涨势头

链上的数据显示，比特币指标目前正在重新测试一个水平，该水平历史上一直是看跌和看跌势头之间的边界线。

Bitcoin Short-Term Holder SOPR Retests 1.0, Signaling Key Price Trend

比特币短期持有人SOPR重新测试1.0，信号关键价格趋势

A new analysis by on-chain analytics firm Glassnode highlights a crucial retest in Bitcoin's Spent Output Profit Ratio (SOPR) among short-term holders, offering insights into the prevailing market sentiment.

链上分析公司GlassNode的一项新分析重点介绍了短期持有人比特币支出的产出利润率（SOPR）的关键重新测试，从而对现行市场情绪提供了见解。

In a recent post on X, Glassnode discusses the significance of the SOPR, an on-chain metric that indicates whether Bitcoin investors, on average, are selling or transferring their coins at a profit or loss.

在X上最近的一篇文章中，GlassNode讨论了SOPR的重要性，SOPR是一个链链指标，表明比特币投资者平均而言是出售或转移其硬币以损益或损失。

When the value of this metric is above 1, it suggests that the average holder of the asset is selling at a net profit, while a value below this threshold indicates that the overall market is realizing a net loss.

当该指标的价值高于1时，它表明资产的平均持有人以净利润出售，而低于此门槛的价值表明整个市场正在实现净亏损。

Specifically, the analysis focuses on the SOPR of short-term holders (STHs), defined as those who purchased their Bitcoin within the past 155 days.

具体而言，该分析的重点是短期持有人（STH）的SOPR，定义为在过去155天内购买比特币的人。

According to Glassnode, the 7-day moving average (MA) of the Bitcoin STH SOPR has been retesting the 1 level recently.

根据GlassNode的数据，比特币SOPR的7天移动平均线（MA）最近正在重新测试1级。

“This metric, when adjusted for time preference, highlights the price investors paid for the coins being moved, signaling whether a cohort is underwater or not,” the firm explains.

该公司解释说：“当调整时间偏好时，该指标强调了投资者为所搬家的硬币支付的价格，这表明了同伙是否在水下。”

“Historically, breaking above 1.0 confirms a shift in momentum, while failure to do so often leads to renewed sell pressure.”

“从历史上看，打破1.0以上的人证实了动量的转变，而不做这样做常常导致卖出压力。”

The 1 level is a critical psychological boundary for STHs, who are known to be more sensitive to price movements and market shifts.

对于STH来说，1级是一个关键的心理边界，STH对价格变动和市场转移更加敏感。

These investors, by definition, are those who entered the market recently or those who are not willing to hold their coins for extended periods, making them more susceptible to panic selloffs.

从定义上讲，这些投资者是那些最近进入市场的人或那些不愿持有硬币的人长时间持有硬币，使他们更容易受到恐慌抛售的影响。

When the STH SOPR rises to the 1 mark, it signifies that these investors, who were forced into loss-selling earlier, are able to break-even again. This can trigger a spike in selling pressure as STHs attempt to recoup their initial capital.

当STH SOPR上升到1大关时，它表示这些投资者（被迫较早销售损失）能够再次分手。随着STH试图弥补其初始资本，这可能会引发销售压力的激增。

The last time Bitcoin experienced a retest of this level by the indicator was in January, and as evident from the chart, it managed to achieve a breakout, albeit briefly.

比特币上次通过指标进行了重新测试，从图表中可以明显看出，它已经实现了突破，尽管短暂。

It remains to be seen whether the metric will be able to cross into the profit zone this time around.

这次指标是否能够进入利润区，还有待观察。

At the time of writing, Bitcoin's price is trading around $94,500, down over 2% over the past 24 hours.

在撰写本文时，比特币的价格在过去24小时内交易约94,500美元，下降了2％以上。