比特币（BTC）的价格在3月24日飙升了3％，从3月11日的76,900美元低落

尽管未能维持88,000美元的水平，但3月24日，比特币（BTC）的价格从3月11日的76,900美元低落，其价格从3月11日的76,900美元遥遥无期。

Bitcoin (BTC) price rose by 3% on March 24, rebounding from its recent low of $76,900 on March 11. However, the cryptocurrency failed to sustain the $88,000 level, which traders had hoped to see.

比特币（BTC）的价格在3月24日上涨了3％，从3月11日的76,900美元起回弹。但是，加密货币未能维持88,000美元的水平，交易者希望看到这一水平。

Bitcoin price trades 19% away from its all-time high, while gold is trading just 1% below its record high of $3,057.

比特币价格远离其历史最高水平19％，而黄金的交易仅比其创纪录的3,057美元低1％。

S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph

标普500期货（左）与比特币/美元（右）。资料来源：TradingView / Cointelegraph

Some analysts attribute Bitcoin's recent price gains to U.S.-listed company Strategy increasing its BTC reserves, while others highlight macroeconomic factors, such as easing inflation expectations and a softer stance from U.S. President Donald Trump on tariffs.

一些分析师将比特币最近的价格归因于美国上市的公司战略，以增加其BTC储备，而另一些分析师则强调了宏观经济因素，例如缓解通货膨胀的预期以及美国总统唐纳德·特朗普对关税的敏捷立场。

Despite this constructive backdrop, traders question what factor could drive Bitcoin's daily close above $92,000, a feat last achieved on March 3.

尽管有这种建设性的背景，但贸易商质疑哪些因素可以使比特币的每日收盘价超过92,000美元，这是3月3日最后实现的壮举。

Bitcoin's upside limited as investors fear economic recession

由于投资者担心经济衰退，比特币的上行有限

Economists anticipate signs of a slowdown in the "core" Personal Consumption Expenditures (PCE) index, which is projected to display a 2.7% rise in February, according to Yahoo News.

根据Yahoo News的报道，经济学家预计，“核心”个人消费支出（PCE）指数的迹象有所放缓，该指数预计将在2月份上涨2.7％。

Implied expectations for the Sept. 17 FOMC. Source: CME FedWatch tool / Cointelegraph

对9月17日FOMC的隐含期望。资料来源：CME FedWatch工具 / Cointelegraph

This data, the U.S. Federal Reserve's preferred inflation metric, is set to be released on March 26.

该数据是美国美联储的首选通货膨胀指标，定于3月26日发布。

If confirmed, the softer inflationary trend would provide support for Federal Reserve Chair Jay Powell's remarks on transitory inflation and increase the likelihood of two interest rate cuts in 2025, as reflected in the Treasury futures market.

如果得到确认，柔和的通货膨胀趋势将为美联储主席杰伊·鲍威尔（Jay Powell）关于暂时通货膨胀的评论提供支持，并增加了2025年两次降低利率的可能性，这在国库期货市场中反映了。

As the U.S. central bank shifts to a less restrictive monetary policy, risk markets typically benefit from increased liquidity and reduced fixed-income appeal. However, there is still some uncertainty regarding economic growth.

随着美国中央银行转向限制性较小的货币政策，风险市场通常会受益于增加的流动性和减少固定收入的吸引力。但是，关于经济增长仍然存在一些不确定性。

Investors are increasingly worried about recession risks due to excessive valuations in artificial intelligence stocks and concerns that U.S. federal spending cuts could negatively impact consumers and the commercial real estate market.

由于人工智能股票的过多估值，投资者越来越担心衰退风险，并且担心美国联邦支出可能会对消费者和商业房地产市场产生负面影响。

While these issues have little direct connection to Bitcoin, traders fear that all risk markets could suffer if the threat of stagflation emerges.

尽管这些问题与比特币几乎没有直接联系，但交易者担心，如果出现雄鹿的威胁，所有风险市场都可能遭受损失。

The Wall Street Journal reported that President Trump is considering scaling back some tariffs initially planned for April 2. Although unconfirmed, the news suggests Trump may exclude certain industry-specific duties and grant exemptions to some nations.

《华尔街日报》报道说，特朗普总统正在考虑缩减最初计划于4月2日计划的一些关税。尽管未经证实，但该消息表明，特朗普可能会排除某些特定于行业的职责和对某些国家的豁免。

On March 24, S&P 500 futures rose by 1.5% as investors perceived lower economic contraction risks, which could potentially support Bitcoin's price gains.

3月24日，由于投资者认为较低的经济收缩风险，标准普尔500年期货增长了1.5％，这有可能支持比特币的价格上涨。

Strategy buys more Bitcoin, but is their tactic sustainable?

策略购买了更多比特币，但是​​他们的战术可持续吗？

On March 24, Strategy announced the acquisition of an additional $584 million in Bitcoin, increasing its holdings to 506,137 BTC. The funds for this latest purchase came from the sale of 1.97 million common stock shares, along with the broader $21 billion STRK perpetual preferred stock issuance program.

3月24日，战略宣布收购了另​​外5.84亿美元的比特币，将其持股量增加到506,137 BTC。最新购买的资金来自出售197万股普通股，以及更广泛的210亿美元Strk永久优先股发行计划。

These expanded fundraising options have improved the company's chances of reaching its ambitious $42 billion Bitcoin acquisition target.

这些扩展的筹款选择提高了该公司达到其雄心勃勃的420亿美元比特币收购目标的机会。

However, critics argue that Strategy has been the primary factor supporting Bitcoin's $80,000 level, posing a risk of price corrections if the company fails to raise additional funds or pauses its stock issuance program for any reason.

但是，批评家认为，策略一直是支持比特币80,000级水平的主要因素，如果公司因任何原因而未能筹集额外的资金或暂停其股票发行计划，就会构成价格更正的风险。

This view disregards the fact that Bitcoin spot exchange-traded funds (ETFs) saw $786 million in net inflows between March 14 and March 21.

这种观点忽略了一个事实，即比特币现货交易所交易基金（ETF）在3月14日至3月21日之间的净流入量为7.86亿美元。

In essence, Bitcoin is well-positioned to recapture the $92,000 level, although it remains heavily dependent on overall macroeconomic conditions.

从本质上讲，比特币的位置很好，可以重新获得92,000美元的水平，尽管它仍然严重依赖整体宏观经济状况。