比特币（BTC）的价格低于$ 8.0k的门槛，无法维持上升势头

比特币（BTC）未能维持当天早些时候建造的向上势头后，已经低于80,000美元的门槛。

Bitcoin (BTC) fell below the $80,000 threshold on Friday after failing to sustain the upward momentum that saw it breach the key resistance level earlier in the day.

比特币（BTC）未能维持上升的势头，使它违反了当天早些时候的关键阻力水平，因此比特币（BTC）低于周五的80,000美元门槛。

As of press time, Bitcoin was trading at $77,400, down 5.84% over the past 24 hours, according to CryptoSlate data.

截至发稿时，比特币的交易价格为77,400美元，在过去24小时内下跌了5.84％，根据隐板数据。

On-chain data indicates that recent buyers realizing losses contributed to the downturn, although the market structure remains poised for a potential recovery, according to the latest “Bitfinex Alpha” report.

根据最新的“ Bitfinex alpha”报告，链上的数据表明，尽管市场结构仍然有望实现潜在的恢复，但最近的买家意识到损失导致了衰退。

BTC fell 13% over the past seven days, and the Spent Output Profit Ratio (SOPR), a key indicator of investor profitability, is highlighting capitulation by entering its first sustained period of losses.

在过去的七天中，BTC下跌了13％，而投资者盈利能力的主要指标（SOPR）通过进入其第一个持续的损失时期来强调投降。

Capitulation phase

投降阶段

The SOPR tracks whether Bitcoin investors are selling at a profit or a loss. A sustained drop below 1, a neutral zone, indicates that a portion of the market is liquidating positions at a loss.

SOPR跟踪比特币投资者是在盈利还是亏损的出售。持续下降1以下，一个中性区域，表明市场的一部分是亏损的清算位置。

In the past two weeks, daily realized losses averaged $818 million, with Feb. 28 and March 4 recording the largest single-day losses of this cycle. The only larger single-day realized loss occurred on August 5, 2024, amid the yen-carry-trade unwind, which saw $1.34 billion in realized losses.

在过去的两个星期中，每日实现的损失平均为8.18亿美元，2月28日和3月4日记录了该周期中最大的单日损失。唯一的较大的单日实现损失发生在2024年8月5日，在日元式贸易贸易中，这损失了13.4亿美元的实现损失。

Short-Term Holder (STH) SOPR, which tracks newer market entrants, recorded its second-largest negative print of this cycle at 0.95, signaling that recent buyers are locking in substantial losses.

跟踪新市场参与者的短期持有人（STH）SOPR记录了其本周期的第二大负面印刷，这表明最近的买家正在锁定巨大的损失。

Deep negative prints in STH SOPR have historically marked capitulation events, where panic-selling exhausts weaker hands and creates accumulation opportunities for stronger investors.

STH SOPR中的深层负面印刷在历史上是标志性的投降事件，销售恐慌的排气量较弱，为强大的投资者创造了积累的机会。

Moreover, an SOPR decline below 1 indicates loss-driven selling, similar to major corrections in past cycles. However, rapid recoveries from this level usually suggest that buyers are defending cost basis levels, reinforcing bullish trends.

此外，低于1的SOPR下降表明损失驱动的销售类似于过去周期中的重大校正。但是，从这个水平的快速恢复通常表明买家正在捍卫成本基础水平，从而增强了看涨的趋势。

The extent of realized losses suggests many short-term holders exited their positions below cost basis, succumbing to drawdown pressures.

已实现的损失的程度表明，许多短期持有人的职位低于成本基础，屈服于减压压力。

Uncertain outcome

不确定的结果

Typically, such capitulation events precede market stabilization as weaker hands exit and stronger hands begin accumulating.

通常，此类投降事件在市场稳定之前，随着手的出口较弱，手开始积累。

The report mentions that if Bitcoin’s bull market structure remains intact, SOPR should stabilize above 1, indicating re-accumulation and renewed investor confidence. However, prolonged weakness at negative levels close to 1 could suggest further downside risks, making SOPR a key metric to observe in the near term.

该报告提到，如果比特币的牛市结构保持完整，SOPR应稳定在1以上，表明重新占领并重新获得了投资者的信心。但是，在接近1的负水平下长时间的弱点可能表明进一步的下行风险，使SOPR成为在短期内观察的关键指标。

Additionally, Bitfinex analysts noted that macroeconomic and geopolitical uncertainties continue to be a major factor in driving market movements. They also mentioned that monitoring buy-side absorption and exchange-traded funds (ETF) will be crucial in the coming week.

此外，Bitfinex分析师指出，宏观经济和地缘政治不确定性仍然是推动市场转移的主要因素。他们还提到，在下一周，监测买方的吸收和交易所交易基金（ETF）至关重要。