比特币 (BTC) 面临自 11 月初以来的首次重大调整，较历史高点下跌 13%

比特币面临自 11 月初以来的首次重大调整，较历史高点 108,364 美元下跌 13%。这种突然的回调给整个加密货币市场带来了冲击

Bitcoin encountered its first major correction since early November, dropping 13% from its all-time high of $108,364. This sudden pullback shifted market sentiment from extreme bullishness to uncertainty and even fear. The sell-off was particularly felt by altcoins, many of which experienced significant losses as Bitcoin struggled to regain momentum.

比特币遭遇自 11 月初以来的首次大幅回调，较历史高点 108,364 美元下跌 13%。这种突然的回调将市场情绪从极端看涨转变为不确定性甚至恐惧。山寨币尤其受到抛售的影响，随着比特币难以恢复势头，许多山寨币遭受了重大损失。

Key metrics from CryptoQuant highlighted the extent of the sell-off, with realized losses totaling $28.9 million — an alarming 3.2 times higher than the weekly average. This surge in realized losses indicated that some investors were exiting positions as the market recalibrated after weeks of aggressive upward movement.

CryptoQuant 的关键指标突显了抛售的严重程度，已实现的损失总计 2890 万美元，比周平均水平高出惊人的 3.2 倍。已实现损失的激增表明，随着市场在经历了数周的大幅上涨之后进行了重新调整，一些投资者正在退出头寸。

The big question now was whether this was simply a healthy correction in an otherwise bullish trend or the start of a larger downtrend. Traders were closely watching Bitcoin’s ability to hold critical support levels and the behavior of altcoins, which often amplified Bitcoin’s price movements.

现在最大的问题是，这是否只是看涨趋势中的一次健康修正，还是更大的下跌趋势的开始。交易员密切关注比特币保持关键支撑位的能力以及山寨币的行为，这往往会放大比特币的价格走势。

For now, the market remained at a crossroads, with the coming days likely to reveal whether Bitcoin could recover and resume its uptrend — or if this correction signaled a more prolonged period of weakness.

目前，市场仍处于十字路口，未来几天可能会揭示比特币是否能够复苏并恢复其上升趋势，或者这次调整是否预示着更长时间的疲软。

Bitcoin Facing Selling Pressure

比特币面临抛售压力

Bitcoin was facing significant selling pressure after two days of aggressive bearish activity, marking a pivotal moment for the market. The sudden sentiment shift caused many analysts and investors to turn cautious, with some flipping bearish as Bitcoin’s recent trend began to lose momentum. This correction left the market questioning whether the current price movement was a natural pause or a precursor to deeper losses.

经过两天的激进看跌活动后，比特币面临巨大的抛售压力，这标志着市场的关键时刻。情绪的突然转变导致许多分析师和投资者变得谨慎，随着比特币近期趋势开始失去动力，一些分析师和投资者转而看跌。这次调整让市场质疑当前的价格走势是自然暂停还是进一步下跌的前兆。

Top analyst Axel Adler recently shared his insights on the matter, supported by compelling on-chain data. Highlighting that realized losses had surged to $28.9 million, a figure 3.2 times higher than the weekly average. Adler’s analysis indicated that while the sell-off might seem alarming, it was consistent with a healthy market correction, especially following Bitcoin’s remarkable rally to $108,300.

顶级分析师阿克塞尔·阿德勒 (Axel Adler) 最近在令人信服的链上数据的支持下分享了他对此事的见解。强调已实现损失已飙升至 2890 万美元，这一数字是周平均水平的 3.2 倍。阿德勒的分析表明，虽然抛售可能看起来令人担忧，但这与健康的市场调整是一致的，特别是在比特币显着反弹至 108,300 美元之后。

Adler noted that the current dip should not trigger panic but instead serve as a moment of patience for long-term holders. He emphasized that now was a time to HODL unless additional bearish signals emerged to suggest a more prolonged downtrend. Corrections like this often provided the market with the necessary fuel for the next leg up, as weaker hands exited and strong hands positioned themselves strategically.

阿德勒指出，当前的下跌不应引发恐慌，而应为长期持有者提供耐心。他强调，现在是持有的时机，除非出现额外的看跌信号，表明下跌趋势将持续更长时间。像这样的调整通常为市场提供下一轮上涨所需的动力，因为较弱的牌退出，而强势的牌则战略性地定位自己。

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Price action remained critical, with investors watching closely to determine whether this correction solidified a strong foundation for future growth or signaled further downside.

价格走势仍然至关重要，投资者密切关注，以确定此次调整是否为未来增长奠定了坚实的基础，还是预示着进一步的下跌。

BTC Holding Bullish Structure (For Now)

BTC 持有看涨结构（目前）

Bitcoin was trading at $94,400 following three consecutive days of aggressive selling pressure. Despite the apparent bearish sentiment gripping the market, BTC had managed to maintain its footing above the key support level of $92,000. This support was crucial as it clearly defined the ongoing uptrend. Holding above this level suggested resilience and set the stage for a potential strong bounce if buyers regained control in the coming sessions.

在连续三天遭遇大幅抛售压力后，比特币交易价格为 94,400 美元。尽管市场明显看跌情绪，但 BTC 仍成功维持在 92,000 美元关键支撑位之上。这种支撑至关重要，因为它明确定义了持续的上升趋势。保持在这一水平之上表明了韧性，如果买家在未来几个交易日重新获得控制权，则为潜在的强劲反弹奠定了基础。

While the recent price action reflected uncertainty, the decline had not been as severe as the market sentiment indicated. Negative emotions had driven many traders to adopt a cautious stance, but BTC’s ability to stay above $92,000 showed underlying strength in the market structure.

虽然最近的价格走势反映出不确定性，但跌幅并不像市场情绪所表明的那么严重。负面情绪促使许多交易者采取谨慎立场，但 BTC 能够保持在 92,000 美元以上的能力表明了市场结构的潜在实力。

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However, sentiment remained a critical market driver. Restoring confidence would be essential for Bitcoin to reclaim higher levels and resume its bullish momentum. If sentiment did not improve and prices continued to drop, the risk of a deeper correction became more likely. Losing the $92,000 support could pave the way for a retest of lower levels, potentially causing additional volatility.

然而，情绪仍然是关键的市场驱动因素。恢复信心对于比特币恢复更高水平并恢复看涨势头至关重要。如果情绪没有改善且价格继续下跌，则更可能出现更深度调整的风险。失去 92,000 美元的支撑位可能会为重新测试较低水平铺平道路，从而可能导致进一步的波动。