比特币（BTC）的价格下跌低于8.4K，自3月初以来下降了15％

比特币继续面临巨大的销售压力，其价格下降到84,000美元以下，自3月初以来下降了15％。

Bitcoin (BTC) has been encountering substantial selling pressure, resulting in a 15% price drop since the beginning of March, pushing it below the $84,000 mark. This downturn has sparked panic selling and rising fear, leading many investors to speculate on whether Bitcoin is entering a bear market after a period of strong gains.

比特币（BTC）一直遇到巨大的销售压力，自3月初以来的价格下降了15％，将其推高了84,000美元以下。这种低迷引发了恐慌销售和恐惧的恐惧，导致许多投资者推测比特币在经过一段时间的强劲增长后是否进入了熊市。

The recent decline has also wiped out a portion of supply profitability, as on-chain data reveals that the percentage of Bitcoin supply in profit has dropped from 99% to 76%. This indicates that 23% of the total BTC supply is now in an unrealized loss.

由于链上数据表明，最近的下降还消除了部分供应盈利能力，因此利润的比特币供应百分比已从99％下降到76％。这表明现在总BTC供应量的23％是未实现的损失。

According to CryptoQuant’s on-chain analyst, Maajid, such large drops in supply profitability usually occur due to weaker hands capitulating while long-term holders calmly assess market conditions.

据CryptoQuant的链分析师Maajid称，如此大的供应盈利能力下降通常是由于手动降低而导致的，而长期持有人会冷静地评估市场状况。

Chart of BTC supply in profit/loss

BTC供应图表中的损益表

As seen in the chart above, the percentage of Bitcoin supply in profit dropped rapidly from 99% to 70% during the consolidation phase in mid-2023. This large decline, spanning several weeks, occurred as weaker hands capitulated to selling pressure, while long-term holders remained undeterred.

如上图所示，在2023年中期的合并阶段，利润的比特币供应百分比从99％下降到70％。跨越几周的这种大幅下降是由于手弱的销售压力而发生的，而长期持有人仍然没有被欺骗。

After bottoming out at 70%, the percentage of Bitcoin supply in profit gradually recovered, finally returning to 99% by August 2023. However, this upward trend was short-lived, as the market encountered another wave of selling pressure, quickly decreasing the percentage of supply in profit to 76%.

在以70％的速度降低后，利润中的比特币供应百分比逐渐恢复，最终恢复到2023年8月。但是，由于市场遇到了另一波销售压力，这种上升趋势是短暂的，很快将利润供应量降低到76％。

This time, the decline was driven by a different factor: a portion of long-term holders, who typically remain optimistic even during market downswings, decided to take some profits as BTC approached the $70,000 zone.

这次，下降是由一个不同的因素驱动的：一部分长期持有人，即使在市场下降期间，他们通常仍然乐观，但由于BTC接近70,000美元的区域，因此决定赚取一些利润。

Next days will be crucial for BTC price action

第二天对于BTC价格行动至关重要

Bitcoin is struggling to regain higher prices, with weak price action and intense fear continuing to dominate sentiment. Many analysts are now calling for the end of this bull cycle, as BTC lost the $90,000 level weeks ago, failing to regain its previous momentum.

比特币正在努力恢复更高的价格，价格较弱，恐惧继续占主导地位。现在，许多分析师呼吁结束该公牛周期，因为BTC在几周前失去了90,000美元的水平，未能重新获得以前的势头。

Currently, Bitcoin is stuck below $85,000, barely holding above $80,000, as bearish pressure keeps investors on edge. The market remains in a vulnerable position, with many expecting a further drop into lower demand levels. However, there is still hope for a recovery, as BTC could reclaim key levels and reignite buying interest.

目前，比特币被困在85,000美元以下，几乎不超过80,000美元，因为看跌压力使投资者处于边缘状态。市场仍然处于脆弱的地位，许多人期望进一步下降到较低的需求水平。但是，由于BTC可以恢复关键水平并重新点燃购买利息，因此仍然有希望。

Top analyst Axel Adler shared insights on X, revealing that the percentage of Bitcoin supply in profit has dropped from 99% to 76%, meaning that 23% of the total BTC supply is currently in an unrealized loss. This equates to approximately 4,561,966 BTC out of 19,834,633 BTC in circulation, marking a significant shift in market profitability.

顶级分析师阿克塞尔·阿德勒（Axel Adler）在X上分享了见解，表明利润中的比特币供应百分比已从99％下降到76％，这意味着目前总BTC供应量的23％是未实现的损失。这相当于19,834,633 BTC中的大约4,561,966个BTC，这标志着市场盈利能力发生了重大变化。

Adler further noted that such a decline could trigger panic among inexperienced investors, potentially fueling more selling pressure. However, he pointed out that a similar trend occurred during the previous consolidation phase, when the percentage of supply in profit dropped to 70%, confirming macro market cycles that often precede strong recoveries.

阿德勒进一步指出，这种下降可能会引起缺乏经验的投资者的恐慌，这可能助长了更多的销售压力。但是，他指出，在上一个合并阶段，当利润的供应百分比下降到70％时，也发生了类似的趋势，这证实了宏观市场周期通常是在强劲的回收率之前。

For now, Bitcoin is in a delicate position, and the next few trading sessions will determine whether BTC can reclaim higher resistance levels or if bears will extend the current downtrend. Investors are closely watching whether this cycle mirrors past consolidations or if deeper losses are ahead.

目前，比特币处于微妙的位置，接下来的几个交易会议将决定BTC是否可以收回更高的电阻水平，或者熊是否会扩大当前的下降趋势。投资者正在密切关注该周期是否反映了过去的合并，还是更深入的损失。