比特币（BTC）的价格在本周开始，以强劲的立足点跳回90,000美元以上

比特币的价格始于本周的强劲地位，在美国总统唐纳德·特朗普（Donald Trump）宣布战略加密保护区后，它跳回了90,000美元以上。

The Bitcoin price started the week on a strong footing, heating up again to trade above the $90,000 level following the announcement of a strategic crypto reserve by US President Donald Trump. However, the flagship cryptocurrency quickly lost this momentum, dropping back below the $90,000 threshold before midweek.

比特币的价格始于本周的强劲地位，在美国总统唐纳德·特朗普（Donald Trump）宣布战略加密保护区后，再次加热到超过90,000美元的交易。但是，旗舰加密货币很快就失去了这一势头，在周三前的$ 90,000门槛以下。

The recent market uncertainty is also evident in the Bitcoin action, as the price has moved mostly sideways (after the initial pump) within the $82,000 – $92,000 range. But what is causing this constant price retracement and consolidation?

在比特币行动中，最近的市场不确定性也很明显，因为价格大多在$ 82,000 - $ 92,000的范围内侧面转移（首次泵之后）。但是，是什么导致这种恒定的价格回溯和合并？

Short-Term Sell-Offs Meet Long-Term Confidence: Analyst

短期抛售达到长期信心：分析师

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym ShayanBTC discussed the divergence in investor behavior while using on-chain data to assess current market sentiment. The relevant on-chain indicator here is the Spent Output Age Bands (SOAB) metric, which categorizes spent coins based on their age as a percentage of the total coins moved.

在CryptoQuant平台上的QuickTake帖子中，具有化名ShayanBTC的分析师讨论了投资者行为的差异，同时使用链数据来评估当前的市场情绪。这里相关的链链指标是花费的输出年龄段（SOAB）度量标准，该指标根据其年龄对花硬币进行分类，占总硬币的百分比。

Specifically, the analyst looked at the bags of investors in the 1-week to 6-month cohorts (short-term holders) using the Spent Output Age Bands. Data from CryptoQuant shows that the selling activity of short-term investors contributed to the recent Bitcoin downturn.

具体来说，分析师使用了花费的输出年龄段，研究了1周至6个月的队列（短期持有人）的投资者袋。来自CryptoQuant的数据表明，短期投资者的销售活动有助于最近的比特币低迷。

These investors, known for their swift reactions to market trends, have been actively depositing BTC onto exchanges—a move that can exert pressure on the cryptocurrency’s price. Furthermore, considering the sensitivity of short-term holders to market sentiment and technical resistance levels, their selling behavior aligns with Bitcoin’s struggle to sustain any bullish momentum.

这些以快速反应对市场趋势的反应而闻名的投资者一直在积极地将BTC存入交流中，这一举动可能会对加密货币的价格施加压力。此外，考虑到短期持有人对市场情绪和技术抵抗水平的敏感性，其销售行为与比特币为维持任何看涨势头的努力保持一致。

On the other hand, long-term investors (those holding BTC for more than 6 months) have yet to display any signs of capitulation. While some level of profit-taking can be observed among this group of Bitcoin holders, it appears to be rather gradual and consistent with the behavior seen in healthy bull markets—not a mass liquidation.

另一方面，长期投资者（持有BTC超过6个月的投资者）尚未显示任何屈服迹象。尽管可以在这组比特币持有人之间观察到一些利润水平的利润，但它似乎逐渐逐渐，并且与健康的牛市中所看到的行为一致，而不是大规模清算。

The activity of long-term Bitcoin investors suggests that they anticipate future price appreciation before offloading larger portions of their holdings, which in turn would reduce the BTC supply in the open market. ShayanBTC added that “if sufficient demand enters the market, this supply shrinkage could propel further price appreciation.”

长期比特币投资者的活动表明，他们预计未来的价格在卸载较大的持股量之前会降低公开市场的BTC供应。 Shayanbtc补充说：“如果有足够的需求进入市场，这种供应收缩可能会推动进一步的价格升值。”

Interestingly, the latest on-chain data shows that long-term Bitcoin investors are not the only market participants refraining from selling off their assets. Crypto pundit Ali Martinez revealed in a post on X that the BTC miners have recorded no selling activity since February 28.

有趣的是，最新的链链数据表明，长期比特币投资者并不是唯一一个避免出售其资产的市场参与者。加密专家阿里·马丁内斯（Ali Martinez）在X上的一篇文章中透露，BTC矿工自2月28日以来就没有记录销售活动。