比特币 (BTC) 价格分析：随着 BTC 整合至 7 万美元以下，STH NAV 溢价预示着进一步增长的空间

比特币 (BTC) 经历了动荡的一周，其价格在 69,500 美元的局部高点和 65,000 美元的低点之间波动。

Bitcoin price is consolidating below crucial supply levels as its price action continues to highlight strong buyer demand at lower price points. As BTC price remained largely stagnant over the past few weeks, on-chain analyst Axler Adler shares critical insights on X, showing that Bitcoin’s net asset value (NAV) premium among short-term holders has climbed to 6.2%.

比特币价格正在巩固至关键供应水平以下，其价格走势继续凸显出较低价格点的强劲买家需求。由于过去几周 BTC 价格基本停滞不前，链上分析师 Axler Adler 分享了对 X 的重要见解，表明比特币在短期持有者中的资产净值（NAV）溢价已攀升至 6.2%。

This 6.2% NAV premium indicates that Bitcoin’s current market price is trading 6.2% above the average acquisition cost for short-term holders. Essentially, these investors are valuing Bitcoin at a premium, suggesting optimism about the potential for further gains.

6.2% 的资产净值溢价表明，比特币当前的市场价格比短期持有者的平均购买成本高出 6.2%。从本质上讲，这些投资者对比特币的估值较高，这表明他们对比特币进一步上涨的潜力持乐观态度。

Adler explains that this metric acts as a bullish signal, highlighting room for continued price growth. An NAV premium of 25% or higher usually points to an overheated market, implying that demand has yet to reach excessive levels.

阿德勒解释说，这一指标是一个看涨信号，凸显了价格持续增长的空间。资产净值溢价 25% 或更高通常表明市场过热，这意味着需求尚未达到过高水平。

According to Adler’s analysis, the NAV premium is an important gauge of market sentiment. A moderate premium like 6.2% reflects healthy demand among short-term holders, aligning with an accumulation phase rather than a peak. This is especially relevant as Bitcoin’s price consolidates under significant resistance levels, potentially setting the stage for a breakout.

根据阿德勒的分析，资产净值溢价是衡量市场情绪的重要指标。 6.2% 等适度溢价反映了短期持有者的健康需求，与积累阶段而不是峰值相一致。这尤其重要，因为比特币的价格在重大阻力位下盘整，可能为突破奠定基础。

Bitcoin price is trading at $66,900 after establishing solid support around $65,000. The price action signals resilience as it consolidates above this crucial level. This support around $65,000 marks a significant pivot, as holding above it reflects underlying strength and fuels optimism among investors. However, for Bitcoin to keep bullish momentum, a push above $70,000 is essential to confirm the uptrend.

比特币价格在 65,000 美元左右建立坚实支撑后，目前交易价格为 66,900 美元。当价格在这一关键水平上方盘整时，价格走势表明了弹性。 65,000 美元左右的支撑位标志着一个重要的支点，因为保持在该支撑位之上反映了潜在的实力并激发了投资者的乐观情绪。然而，为了让比特币保持看涨势头，突破 70,000 美元对于确认上升趋势至关重要。

If Bitcoin loses the $65,000 level, analysts foresee a retrace toward the 200-day moving average (MA) at $63,274. This level is relevant as a long-term support zone. A pullback to this area could attract new buyers, reinforcing it as a major support if tested.

如果比特币跌破 65,000 美元的水平，分析师预计将回撤至 200 日移动平均线 (MA) 63,274 美元。该水平作为长期支撑区域具有相关性。回调至该区域可能会吸引新的买家，如果受到测试，则将强化其作为主要支撑的地位。

Investors view the 200-day MA as a key anchor for Bitcoin’s bullish structure. If BTC can hold above $65,000 and eventually break $70,000, it would indicate a continuation of the current bullish phase. Conversely, a dip below these supports would shift focus to the 200-day MA. Holding above this moving average is crucial to prevent a bearish reversal.

投资者将 200 日均线视为比特币看涨结构的关键锚点。如果 BTC 能够守住 65,000 美元上方并最终突破 70,000 美元，则将表明当前看涨阶段的延续。相反，跌破这些支撑位将把焦点转移到 200 日均线。保持在该移动平均线上方对于防止看跌逆转至关重要。