随着市场应对不确定性和日益增长的疑虑，比特币 (BTC) 面临关键时刻

随着未来几天市场面临不确定性和日益增长的疑虑，比特币发现自己正处于一个关键时刻。

Bitcoin is at a critical juncture as the market navigates uncertainty. Following an all-time high (ATH), the price experienced a rapid decline to the $92,000 level, shifting sentiment from extreme bullishness to cautious optimism. This correction has led many traders to question Bitcoin’s recent rally and the possibility of a new market phase.

随着市场应对不确定性，比特币正处于关键时刻。在创下历史新高 (ATH) 后，价格迅速下跌至 92,000 美元的水平，将情绪从极端看涨转变为谨慎乐观。这种调整导致许多交易者质疑比特币最近的反弹以及新市场阶段的可能性。

According to CryptoQuant analyst Maartunn, the supply held by Short-Term Holders (STH) has reached its highest point in 40 months. This development is significant as high STH holdings are often linked to market tops or potential trend changes.

CryptoQuant 分析师 Maartunn 表示，短期持有者 (STH) 持有的供应量已达到 40 个月来的最高点。这一发展意义重大，因为高 STH 持有量通常与市场顶部或潜在趋势变化相关。

If the price manages to hold above key support levels, it could indicate a healthy correction and set the stage for a continuation of the rally. However, a failure to regain momentum may confirm the concerns of many market participants, leading to deeper corrections and increased selling pressure. As Bitcoin stands at this crossroads, the data and the market’s next move are being closely watched.

如果价格设法保持在关键支撑位之上，则可能表明这是一次健康的调整，并为继续上涨奠定了基础。然而，未能重获动力可能会证实许多市场参与者的担忧，导致更深层次的调整和更大的抛售压力。当比特币站在这个十字路口时，数据和市场的下一步走势受到密切关注。

Bitcoin’s all-time high (ATH) at $108,300 was followed by substantial volatility, leaving some analysts convinced that the peak of the current bull cycle has been reached and that BTC will not experience any further gains in the near term.

比特币创下 108,300 美元的历史高点（ATH）后出现大幅波动，这让一些分析师相信，当前牛市周期的顶峰已经达到，比特币在短期内不会再出现任何进一步上涨。

On the other hand, there are those who believe the bull run is far from over and that the recent price fluctuations are simply part of a healthy market consolidation before a potential surge.

另一方面，有些人认为牛市远未结束，最近的价格波动只是潜在飙升之前健康市场整合的一部分。

Recently, Maartunn shared data on X that provides crucial insight into the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached 5,439,700 BTC, the highest level in 40 months.

最近，Maartunn 分享了有关 X 的数据，这些数据为了解当前市场状况提供了重要的见解。 Maartunn 表示，短期持有者（STH）持有的比特币供应量已达到 5,439,700 BTC，为 40 个月来的最高水平。

Typically, STH Supply increases during bullish periods as short-term investors buy Bitcoin in anticipation of price gains. This sharp increase marks the end of the multi-year downtrend in STH supply, signaling a potential shift in market dynamics.

通常，在牛市期间，由于短期投资者预期价格上涨而购买比特币，STH 供应会增加。这一急剧增加标志着某种东西供应量多年来下降趋势的结束，标志着市场动态的潜在转变。

Many analysts interpret this as a bullish signal, indicating that short-term holders are preparing for further price appreciation. However, uncertainty persists as the broader market still experiences periods of volatility, and BTC must overcome key resistance levels to confirm that the rally is indeed sustainable. While Maartunn's data suggests the potential for continued bullish sentiment, Bitcoin’s future direction remains to be fully determined.

许多分析师将此解读为看涨信号，表明短期持有者正在为价格进一步升值做准备。然而，由于大盘仍经历波动期，不确定性依然存在，比特币必须克服关键阻力位，以确认涨势确实可持续。尽管 Maartunn 的数据表明看涨情绪有持续的潜力，但比特币的未来方向仍有待完全确定。

Bitcoin is currently trading at $97,000 following several days of intense volatility and uncertainty. As the weekly close approaches, the $97K level has become essential in determining the next direction of price action.

经过几天的剧烈波动和不确定性之后，比特币目前的交易价格为 97,000 美元。随着每周收盘价的临近，97,000 美元的水平对于确定下一步价格走势至关重要。

If Bitcoin manages to hold above this key level by the end of the week, it could signal the confirmation of a bullish continuation, with a potentially massive rally on the horizon. The ability to maintain this support would likely ignite renewed buying pressure, propelling Bitcoin toward higher price targets.

如果比特币在本周末成功维持在这一关键水平之上，则可能标志着看涨持续的确认，并可能出现大规模反弹。维持这种支撑的能力可能会引发新的购买压力，推动比特币向更高的价格目标迈进。

On the other hand, if Bitcoin fails to hold above $97K and closes the week below this threshold, the market may face a deeper correction. This could bring the price back to test lower demand zones, potentially leading to further downside risk in the coming weeks.

另一方面，如果比特币未能守住 9.7 万美元上方，且本周收盘价低于该门槛，市场可能会面临更深层次的调整。这可能会使价格回到测试较低需求区域，从而可能导致未来几周进一步下行风险。

Over the next few days, the weekly close could set the tone for Bitcoin’s near-term price action, with analysts keeping a close eye on whether this support level holds firm. As market sentiment remains up in the air, a decisive move above or below $97K will provide key insights into Bitcoin’s future direction.

在接下来的几天里，每周的收盘价可能会为比特币的近期价格走势定下基调，分析师将密切关注这一支撑位是否保持坚挺。由于市场情绪仍然悬而未决，97,000 美元上方或下方的决定性走势将为比特币未来方向提供重要见解。