随着关键链上指标下降，比特币（BTC）价格调整可能会扩大

最近比特币价格下跌之后，几个链上指标出现了负面情绪，这些指标对于确定其下一步走势至关重要。

Recent Bitcoin price declines have been accompanied by several crucial on-chain metrics indicating a shift in market sentiment. ShayanBTC, an on-chain expert at CryptoQuant, highlights a drastic decrease in Bitcoin funding rates over the past few days.

最近的比特币价格下跌伴随着几个关键的链上指标，表明市场情绪发生了变化。 CryptoQuant 的链上专家 ShayanBTC 强调，过去几天比特币资金费率急剧下降。

Rising funding rates, typically an indicator of strong demand in the futures market, are often crucial for sustaining any market price surge. However, a sharp drop in funding rates suggests a decrease in bullish leverage in the derivatives market, which could be a response to traders exercising caution following the recent price surge.

融资利率上升通常是期货市场需求强劲的指标，对于维持市场价格飙升往往至关重要。然而，融资利率的大幅下降表明衍生品市场的看涨杠杆率下降，这可能是对交易员在近期价格飙升后保持谨慎的反应。

In the absence of this buildup, upward trends may struggle to gain momentum. While this increase doesn’t necessarily have to occur immediately, its absence during a rally raises concerns about the strength of the market.

如果没有这种积累，上升趋势可能难以获得动力。虽然这种上涨不一定会立即发生，但在反弹期间没有上涨会引起人们对市场实力的担忧。

According to the expert’s analysis, as the recent Bitcoin rally progressed, funding rates surged in the middle, indicating a delayed entry of demand. However, funding rates crashed drastically as BTC faced a strong rejection at the $108,000 resistance.

专家分析，随着近期比特币涨势的进展，中间资金费率飙升，表明需求进入延迟。然而，由于 BTC 在 108,000 美元阻力位遭遇强烈拒绝，资金费率大幅下跌。

This decrease in funding rates suggests a decline in traders’ commitment to the derivatives market or capital inflows, which could indicate a lack of bullish momentum as there isn’t enough support to keep BTC’s upward trajectory going.

融资利率的下降表明交易者对衍生品市场或资本流入的承诺下降，这可能表明缺乏看涨动力，因为没有足够的支持来保持比特币的上行轨迹。

Moreover, the current state of funding rates reflects the broader market sentiment, especially after the rejection at the $108,000 price level. If Bitcoin fails to hold above the $90,000 mark, the expert outlines two potential scenarios that could unfold in the coming days.

此外，目前的融资利率状况反映了更广泛的市场情绪，尤其是在 108,000 美元的价格水平遭到拒绝之后。如果比特币未能守住 90,000 美元大关，专家概述了未来几天可能出现的两种潜在情况。

One outcome could be an increase in selling pressure as investors’ confidence drops, leading to deeper corrections, potentially testing lower Fibonacci levels and psychological supports.

一种结果可能是，随着投资者信心下降，抛售压力增加，导致更深层次的调整，可能会测试较低的斐波那契水平和心理支撑。

On the other hand, if funding rates rise along with strong buying activity, Bitcoin could stabilize and begin to rally once again, with a resurgence in this metric indicating a return of bullish sentiment among market participants.

另一方面，如果融资利率随着强劲的购买活动而上升，比特币可能会企稳并开始再次反弹，这一指标的复苏表明市场参与者的看涨情绪有所回归。

Another metric that has declined amidst the waning price performance is the Bitcoin on-chain trader realized price and profit/loss margin. Data from CryptoQuant head of research Julio Moreno shows that traders’ unrealized profit margins on-chain have dropped significantly as BTC faces corrections.

在价格表现下降的情况下另一个下降的指标是比特币链上交易者实现的价格和损益率。 CryptoQuant 研究主管 Julio Moreno 的数据显示，随着 BTC 面临回调，交易者的链上未实现利润率大幅下降。

However, Moreno notes that this drop is healthy after a strong rally that pushed BTC above the $100,000 mark. Meanwhile, traders’ realized price, which acts as a support in bull markets, is at $88,000, compared to a price of $93,000.

然而，莫雷诺指出，在 BTC 强劲反弹并突破 10 万美元大关之后，这种下跌是健康的。与此同时，作为牛市支撑的交易者已实现价格为 88,000 美元，而实际价格为 93,000 美元。