比特币（BTC）的价格下降了，恐惧和贪婪指数下降到中性点，MVRV的Z得分跌至3个月低点

比特币（BTC）是数量最大的加密货币，仍处于紧密的范围内。在周六的最后一支支票上，价格徘徊在97,600美元中，增长了1.2％。

Bitcoin (BTC) price remained largely unchanged on Saturday, showing signs of consolidation as investors awaited the next catalyst for price movement.

比特币（BTC）的价格在周六的很大程度上保持不变，随着投资者在等待下一个价格变动的催化剂时，表现出合并的迹象。

At last check Saturday, the price was up 1.2%, trading at $97,600.

在周六的最后一支支票上，价格上涨了1.2％，交易价格为97,600美元。

This consolidation comes as investors appeared to be on the sidelines waiting for the next move. However, data from SoSoValue showed that American investors’ demand for spot Bitcoin ETFs had waned.

这种合并是因为投资者似乎处于场外等待下一步行动。但是，来自Sosovalue的数据表明，美国投资者对现货比特币ETF的需求减弱了。

In the last four days, the funds had net outflows of over $650 million.

在过去的四天中，资金的净流出超过6.5亿美元。

On Saturday, on-chain analyst Ali Martinez commented on the trend, saying

周六，链链分析师阿里·马丁内斯（Ali Martinez）评论了这一趋势，说

#Bitcoin Spot ETFs have offloaded nearly 7,437 $BTC in the past week! pic.twitter.com/8eIFBCzic7

#bitcoin spot ETF在过去一周中已将近7,437美元的BTC卸载！ pic.twitter.com/8eifbczic7

When spot Bitcoin ETFs offload BTC, it means they are selling Bitcoin from their holdings, which can create downward price pressure, signal investor outflows, and increase market volatility.

当斑点比特币ETF卸载BTC时，这意味着他们正在从其持股中出售比特币，这可能会造成下降价格压力，信号投资者流出并增加市场波动。

Typically, redemptions, institutional portfolio shifts, or fund rebalancing can drive these sales.

通常，赎回，机构投资组合变化或基金重新平衡可以推动这些销售。

If multiple ETFs sell simultaneously, it can amplify price swings, especially in periods of low liquidity.

如果多个ETF同时出售，则可以扩大价格波动，尤其是在流动性低时期。

Moreover, arbitrage traders may be exploiting discrepancies between ETF prices and Bitcoin’s spot price.

此外，套利交易者可能正在利用ETF价格和比特币现货价格之间的差异。

Bitcoin price stalled amid the ongoing geopolitical risks and potential for high interest rates for longer. Investors are anticipating that President Donald Trump’s tariffs will spark a trade war and cause market volatility.

比特币的价格停滞在正在进行的地缘政治风险和高利率的潜力更长的情况下。投资者预计，唐纳德·特朗普总统的关税将引发贸易战并引起市场波动。

It will also lead to higher inflation as companies boost prices in the U.S. This week’s inflation data showed that the headline consumer inflation data rose from 2.9% in December to 3% in January, while the core CPI moved from 3.2% to 3.3%.

这也将导致通货膨胀率更高，因为公司在本周的通货膨胀数据中提高了公司的价格，该数据显示，消费者通货膨胀数据从12月的2.9％上升到1月的3％，而CORE CPI从3.2％转移到3.3％。

When the Federal Reserve is hawkish, Bitcoin and other risky assets underperform the market. In his testimony to Congress this week, Fed Chair Jerome Powell hinted that the central bank would hold steady until inflation starts falling.

当美联储是鹰派时，比特币和其他风险资产的表现不佳。美联储主席杰罗姆·鲍威尔（Jerome Powell）在本周对国会的证词中暗示，中央银行将保持稳定，直到通货膨胀开始下降为止。

Investors are jittery as the closely watched fear and greed index has dropped from the extreme greed area of 90 in 2024 to the fear zone of 40.

投资者令人震惊，因为恐惧和贪婪指数已从2024年的90个极端贪婪地区下降到40的恐惧区。

Moreover, the Z score of the MVRV (Market Value to Realized Value) indicator has dropped to 2.49, from the year-to-date high of 3.

此外，MVRV的Z分数（已实现价值的市场价值）从年满3点开始下降到2.49。

The MVRV indicator is a popular tool used to measure the valuation of a crypto coin. It does that by subtracting the realized market value from the circulating market value and then standardizing it.

MVRV指示器是用于测量加密硬币估值的流行工具。它通过从循环市场价值中减去实现的市场价值，然后将其标准化来做到这一点。

An MVRV figure of less than 3.5 indicates that a crypto coin is undervalued.

小于3.5的MVRV图表明，加密硬币被低估了。

Typically, a drop in the fear and greed index, MVRV, and futures open interest signals potential accumulation by smart money investors.

通常，恐惧和贪婪指数，MVRV和未来的下降，智能货币投资者的潜在积累。

BTC price technical analysis: Bitcoin needs to clear $108,440

BTC价格技术分析：比特币需要清除$ 108,440

The daily chart shows that the price of Bitcoin has remained below $100,000 in the past few days. It has also remained in a tight range in the past two months.

每日图表显示，过去几天，比特币的价格一直低于100,000美元。在过去的两个月中，它的范围也很紧。

Bitcoin has dropped below the 50-day Exponential Moving Average, a bearish sign. Additionally, it has formed a double-top chart pattern at $108,440.

比特币已降至50天的指数移动平均线以下，这是看跌符号。此外，它已经形成了108,440美元的双顶图案。

Therefore, Bitcoin’s outlook is bearish as long as it is below the double-top level. The bearish outlook will become invalid if it moves above $108,440, as this will invalidate the double-top point.

因此，只要比特币的前景低于双顶水平，就有看跌。如果看跌的前景在$ 108,440的上升范围以上，这将变得无效，因为这将使双顶点无效。

A drop below the neckline point at $89,055 will point to more downside, with the next support level being at $73,613.

$ 89,055的领口点下降将指向更多缺点，下一个支持水平为73,613美元。

Meanwhile, Ethereum is currently trading at $2,693.91, down 0.3%.

同时，以太坊目前的交易价格为2,693.91美元，下跌0.3％。