比特币（BTC）的价格从ATH降低了26％，消耗了400B美元的市值

比特币明显挣扎。领先的加密货币的价格从历史上的高潮中下降了约26％，消除了4000亿美元的市值和破坏市场情绪。

Investors are now frightened by Donald Trump’s aggressive tariff policies that favor a rise in the US dollar index, while draining interest in speculative assets. The pump, previously triggered by the US presidential elections, has been completely nullified.

现在，唐纳德·特朗普（Donald Trump）的积极关税政策使投资者感到恐惧，这些关税政策有利于美元指数上升，同时引起了投机资产的兴趣。以前是由美国总统大选触发的泵已经完全无效。

However, there is still a glimmer of hope for holders: historically, drawdowns like these precede a strong rebound, which could materialize in a new market rally. In the meantime, on-chain data and the behavior of whales offer us valuable clues about Bitcoin’s future price action.

但是，对持有人的希望仍然有一线希望：从历史上看，像这样的逐渐减少的反弹之前，这可能会在新的市场集会中实现。同时，链上数据和鲸鱼的行为为我们提供了有关比特币未来价格行动的宝贵线索。

Why is Bitcoin going down? A comprehensive overview

为什么比特币会下降？全面的概述

In a delicate moment like this, everyone is asking why Bitcoin is falling and what has triggered such a marked bear movement. The answers are likely to be found outside the cryptographic context, within the more complex macroeconomic sphere. In fact, alongside Bitcoin, the S&P500 is also giving unpleasant surprises, losing over 4% in the last 5 days.

在这样的微妙时刻，每个人都在问为什么比特币掉落了，什么引发了如此明显的熊运动。答案很可能在加密环境之外，在更复杂的宏观经济领域中找到。实际上，与比特币一起，S＆P500也给人以令人不愉快的惊喜，在过去的5天中损失了4％以上。

Donald Trump represents one of the main actors in this financial markets dump, as his foreign policies do not seem to have been well received by investors. Recently, the new president of the United States announced that from March 4th, he will impose trade tariffs on Canada and Mexico, also doubling the universal 10% tariff applied to imports from China. The import taxes have also affected the European Union, which from April 2025 will face an increase on its USA exports.

唐纳德·特朗普（Donald Trump）代表了这一金融市场上的主要参与者之一，因为他的外交政策似乎并没有受到投资者的好评。最近，美国新总统宣布，从3月4日起，他将对加拿大和墨西哥征收贸易关税，也将适用于中国进口的普遍关税增加了一倍。进口税也影响了欧盟，从2025年4月开始，其美国出口将面临增长。

All this negatively impacts the U.S. inflation, with an increase in price pressures that could make it more difficult for the Federal Reserve to adopt an expansive monetary policy. Consequently, there could be fewer interest rate cuts than those expected just a few months ago, influencing the trend of speculative markets like that of Bitcoin in a bear direction.

所有这些对美国的通货膨胀产生了负面影响，价格压力的增加可能会使美联储难以采用广泛的货币政策。因此，比几个月前预期的利率降低可能更少，这影响了像比特币这样的投机市场的趋势。

The only one who benefited from this scenario is the US dollar index (DXY), which on Thursday, February 27, rose by 0.77%. Usually, the trend of DXDY is inversely proportional to the growth of Bitcoin and stocks. It is no coincidence that during the bear market of 2022, this index reached local highs at 114 points. Since the US dollar is the world reserve currency, its price changes can affect the purchasing power of individuals and institutions and influence the demand for riskier assets.

从这种情况下受益的唯一一个是美元指数（DXY），该指数在2月27日星期四上涨了0.77％。通常，DXDY的趋势与比特币和股票的生长成反比。在2022年的熊市中，该指数以114分达到了当地高点并非偶然。由于美元是世界储备货币，因此其价格变化会影响个人和机构的购买力并影响对风险较高的资产的需求。

The worst trading week since June 2022 for BTC

BTC自2022年6月以来最糟糕的交易周

With the latest price drop, Bitcoin recorded the worst weekly performance since June 2022, when its value plummeted by about a third. On that occasion, Coinbase was accused by the SEC of operating without a license and offering unregistered securities. This time, however, we have Bybit, the second exchange in the crypto market for spot volumes, which was hacked for $1.5 billion in $ETH by the North Koreans of the Lazarus group.

随着最新的价格下跌，比特币记录了自2022年6月以来的每周表现最差，当时其价值下降了大约三分之一。那时，Coinbase被SEC指控没有许可证并提供未注册的证券。但是，这次我们有Bybit，这是加密货币市场上的第二次交流，该货物量是由Lazarus Group的朝鲜人以15亿美元的$ 15亿美元入侵的。

At the time of writing the article, Bitcoin marks a disastrous week of -18%, dangerously falling below the $80,000 support. With this sell-off, the coin has filled the CME gap that had formed in mid-November. Some analysts suggest that from here it could test lower price levels, while others believe that a bull impulse will start from here. Let’s remember that there is another small CME gap at $93,000 waiting to be filled.

在撰写文章时，比特币的灾难性一周为-18％，危险地降至80,000美元的支持下。随着这种抛售，硬币填补了11月中旬形成的CME差距。一些分析师认为，从这里可以测试较低的价格水平，而另一些分析师则认为施加冲动将从这里开始。让我们记住，还有一个小的CME差距，售价为93,000美元。

According to on-chain data, in the last 3 days the realized losses by Bitcoin traders exceed the 3 billion dollars mark. This is one of the most bearish values since August 2024, when the carry trade in yen ended and the cryptocurrency reached $49,000.

根据链上的数据，在过去的3天中，比特币交易者实现的损失超过了30亿美元。这是自2024年8月以来最看跌的价值之一，当时日元的携带贸易结束，加密货币达到49,000美元。

Also consider that the last weekly candle of the BTC-USDT chart represents the worst ever in terms of price excursion, with an overall amplitude of almost $18,000.

还要考虑到BTC-USDT图表的最后一周蜡烛在价格旅行方面是有史以来最糟糕的，总体幅度近18,000美元。

In total, according to the data from TradingView, the cryptocurrency market capitalization has lost a whopping 1.1 trillion dollars, bringing the total to 2.59 trillion dollars. Much of this exodus is by retails who bought in the last month and panicked with the market crash. According to IntoTheBlock, currently there are still 6.34 million addresses “out of the money” on Bitcoin, which bought at a price between $86,000 and $106,000.

总的来说，根据TradingView的数据，加密货币市值损失了1.1万亿美元，总计达到2.59万亿美元。这些出埃及记的大部分都是由上个月购买并惊慌失措的零售。根据Intotheblock的说法，目前仍有634万个地址“从货币中”上的比特币，其价格在86,000美元至106,000美元之间。

Bitfinex margin traders take advantage of discounts and go long on Bitcoin

Bitfinex保证金交易者利用折扣，长时间使用比特币

While the price of Bitcoin faces a heavy retracement, some users are taking advantage to shop in the market and average their positions. In particular, traders on the exchange Bitfinex, known for its presence of whale investors, seem to be betting heavily on an imminent rebound of the cryptocurrency. The number of BTC purchased on Bitfinex with borrowed money has indeed risen to more than 80,000 BTC, up from 50,773 this month.

虽然比特币的价格面临着沉重的回溯，但一些用户正在利用在市场上购物并平均其头寸。特别是，以鲸鱼投资者在场而闻名的交易所Bitfinex上的商人似乎在严重押注了加密货币的即将反弹。在BITFinex上以借钱购买的BTC数量确实增加到了80,000多个BTC，高于本月的50,773。

Usually, the investors on this platform tend to accurately predict the peaks and bottoms of the cryptocurrency market. These traders

通常，该平台上的投资者倾向于准确预测加密货币市场的峰值和底部。这些交易者