比特币[BTC]失去动力，从2025年第1季度的109k $ 109k下降到84,000美元

在2025年第1季度，比特币[BTC]失去了动力，从$ 109K跌至84,000美元。根据加密分析师的预测，这可能意味着可能更长的看跌趋势。

Bitcoin [BTC] lost momentum and dropped by 23% to $84k from $109k in Q1 of 2025, which could mean a likely longer bearish trend according to CryptoQuant analysts.

比特币[BTC]失去了动力，从2025年第1季度的109K $ 109K下降到84,000美元，这可能意味着可能更长的看跌趋势。

The Bitcoin bull score index (BBSI) fell to a 2-year low, highlighting weak market momentum across the board, as noted by the analysts in its weekly report.

分析师在每周的报告中指出，比特币公牛得分指数（BBSI）跌至2年的低点，全面强调了市场势头。

“Currently, the index stands at 20—the lowest since January 2023—market conditions are weak, raising concerns that the recent price drop could be part of a broader bearish trend rather than a short-term correction.”

“目前，该指数为2023年1月以来最低的市场条件是薄弱的，这引起了人们的担忧，即最近的价格下跌可能是更广泛的看跌趋势的一部分，而不是短期校正。”

The index ranges from 0 to 100 and it tracks bullish signs like network activity, demand, and liquidity.

指数范围从0到100，它跟踪了看涨的标志，例如网络活动，需求和流动性。

Higher values would be deemed bullish, while lower readings would show bearish conditions. The BBSI reading of 20 mirrored the weak conditions seen in 2022 and early 2023.

较高的值将被视为看涨，而较低的读数将显示出看跌条件。 BBSI读数20反映了2022年和2023年初所看到的弱条件。

The analysts added that other key on-chain signals, apart from stablecoin liquidity, have been bearish since mid-February.

分析人士补充说，自2月中旬以来，除了Stablecoin流动性外，其他关键的链链信号除外。

The most distressed group of investors includes STH (short-term holders), who have held BTC for 6 months or less. The group saw a record loss of $7 billion in the last 30 days, according to Glassnode. However, the analytics firm noted that losses remained within the historical levels seen during previous BTC bull runs.

最苦恼的投资者包括STH（短期持有人），他们持有BTC 6个月或更短的时间。根据GlassNode的数据，该小组在过去30天中亏损了70亿美元。但是，这家分析公司指出，损失仍然在以前的BTC公牛运行期间所见的历史水平范围内。

“The rolling 30-day realized loss for #Bitcoin’s STHs has reached $7B, marking the largest sustained loss event of this cycle. However, this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”

“对于＃比特币的STHS来说，滚动30天的损失已达到7B美元，标志着该周期中最大的持续损失事件。但是，这仍然低于先前的投票事件，例如2021 - 22年的$ 19.8B和20.7亿美元的损失。”

84,000

84,000

According to Coinbase analysts, macro uncertainty and Trump tariffs worsened the risk-off sentiment for BTC in Q1.

根据Coinbase分析师的说法，宏观不确定性和特朗普的关税加剧了BTC在第一季度的冒险情绪。

In fact, Coinbase analysts warned that new tariff wars in early April could be a key factor to watch.

实际上，Coinbase分析师警告说，4月初的新关税战争可能是值得关注的关键因素。

“We believe tariffs and 1Q25 earning reports (forward guidance) represent the most important factors for market players to watch in the weeks ahead.”

“我们认为关税和第1季度收入报告（远期指导）是市场参与者在未来几周内关注的最重要因素。”