比特币（BTC）范围在本周的$ 90K总结上，比特币（BTC）范围在3天内下降了12.6％

比特币（BTC）长时间的播放范围超过$ 90K，本周毫无疑问地结束了总结，如何？

Bitcoin (BTC) has seen a swift bearish correction this week, following a prolonged period of range-bound trading above the $90,000 level.

比特币（BTC）在本周的范围内交易长期超过90,000美元之后，本周进行了迅速的看跌更正。

The cryptocurrency dropped 12.6% in the first three days of the week (according to UTC time), the largest such decline since November 2022, when the FTX bankruptcy unfolded, according to data from TradingView.

根据TradingView的数据，加密货币在一周的前三天（根据UTC时）下降了12.6％，这是2022年11月FTX破产以来的最大下降。

The sell-off comes as investors are growing increasingly disappointed over the lack of swift action from President Donald Trump's administration in creating the promised national Bitcoin reserve and tightening fiat liquidity conditions, as CoinDesk reported earlier this month.

正如Coindesk本月早些时报道的那样，由于投资者对唐纳德·特朗普总统在创建承诺的国家比特币储备并收紧法定流动性条件方面缺乏迅速行动的迅速行动的迅速行动越来越令人失望。

Institutional demand for the largest cryptocurrency and its second-largest peer, ether (ETH), has weakened, pushing the CME futures market closer to backwardation, a market condition where spot prices are higher than prices for futures.

机构对最大的加密货币和其第二大同行Ether（ETH）的需求削弱了，使CME期货市场更接近落后，这是现货价格高于期货价格的市场条件。

Nasdaq, the Wall Street's tech-heavy index, has also come under pressure, adding to Bitcoin's woes.

纳斯达克（Nasdaq）是华尔街（Wall Street）的高科技指数，也承受着压力，增加了比特币的困境。

Now, the path of least resistance appears to be on the downside, as the Trump tariffs story could heat up again with the March 4 deadline for tariffs against Canada and Mexico approaching. The first shots fired earlier this month had already led to a broad-based risk-off mood.

现在，阻力最小的道路似乎处于不利地位，因为特朗普的关税故事可能会随着3月4日对加拿大和墨西哥的关税的截止日期的临近而再次加剧。本月早些时候开枪的第一批镜头已经导致了广泛的冒险情绪。

However, bulls shouldn't pin their hopes on Friday's core PCE

但是，公牛不应该在周五的核心PCE上寄出希望

Those pinning hopes on Friday's U.S. "core" Personal Consumption Expenditures (PCE) index – the Fed's preferred inflation measure – to put a floor on risk assets might face disappointment, according to Noelle Acheson, author of the "Crypto is Macro Now" newsletter.

据《加密货币是宏观现在的宏》新闻通讯的作者诺埃尔·阿切森（Noelle Acheson）表示，这些希望在周五的美国“核心”个人消费支出（PCE）指数（PCE）指数（PCE）指数（PCE）指数（PCE）指数可能面临失望。

The core PCE, which excludes the volatile food and energy components, is expected to have risen 2.6% year-on-year in January, down from December's 2.8%, according to FactSet's consensus estimates quoted by Morningstar. Typically, slower inflation is associated with a greater probability of Fed rate cuts and risk-on.

根据Factset的共识估计，核心PCE排除了挥发性食品和能源组成部分，预计1月份将同比增长2.6％，比12月的2.8％下降。通常，通货膨胀率较慢与削减税率和风险的可能性更大。

But this time around, markets could look past the expected soft reading and focus on the ongoing uptick in the forward-looking inflation metrics. For instance, the Conference Board's consumer confidence for February released this week showed a surge in one-year inflation expectations to 6% from 5.2%. That's quite a jump. The two- and five-year inflation swaps have also been rising, as CoinDesk reported earlier this month.

但是这次，市场可以超越预期的软阅读，并专注于前瞻性通货膨胀指标的持续上升。例如，会议委员会对2月份发布的消费者信心本周发布，一年期预期的增长幅度从5.2％起到6％。这是一个很大的跳跃。正如科德斯克本月初报道的那样，两年和五年的通货膨胀掉期也在上升。

According to Acheson, that could be seen by markets as a sign of economic weakness.

根据艾奇森的说法，市场可以将其视为经济弱点的标志。

"Anyway, even if the PCE comes in softer than forecast, it could be taken as confirmation of slowing growth, sending markets into another whirlwind of concern," Acheson said in Wednesday's edition of the newsletter shared with CoinDesk.

阿奇森在周三版的《新闻通讯》中说：“无论如何，即使PCE比预测更柔和，也可以将其视为增长放缓的确认，将市场送入另一个关注的旋风。”

"So, this bad mood is largely macro-driven," Acheson added, highlighting her concerns over tariffs, high corporate valuations and overexposure of portfolios to AI.

阿奇森补充说：“因此，这种不良的情绪在很大程度上是宏观驱动的，”她强调了她对关税，高公司估值和投资组合过度暴露于AI的担忧。

However, Acheson believes crypto could soon find its footing, thanks to Bitcoin's dual appeal as a risk asset and a haven, similar to digital gold.

但是，阿奇森认为，由于比特币的双重吸引力是风险资产和天堂，类似于数字黄金，因此加密货币很快就会找到立足点。

"For most portfolios, the risk-asset/safe haven duality suggests that there is a price at which new longer-term investors will start to come in – this encourages traders to come back in, also," Acheson noted.

Acheson指出：“对于大多数投资组合而言，风险资产/避风港双重性表明，新的长期投资者将开始进来的代价 - 这鼓励交​​易者重新进来。”

Potential support levels/demand zones

潜在的支持水平/需求区域

According to technical analysis theory, a downside breakout of a prolonged range play, as seen in BTC, usually leads to a notable drop, equivalent to the breadth of the range. In other words, the downside breakout of the $90K-$110K range implies a potential for a slide to $70,000.

根据技术分析理论，如BTC所示，长时间范围游戏的下行突破通常会导致显着下降，相当于该范围的广度。换句话说，$ 90K- $ 110K的下行突破意味着幻灯片的潜力至70,000美元。

"In a worst-case scenario, Bitcoin could drop to the $72,000-$74,000 range, where a rebound will likely occur," Markus Thielen, founder of 10x Research, said in a note to clients Wednesday, noting bitcoin's lagged correlation to the global central bank liquidity indicator.

10倍研究的创始人马库斯·蒂伦（Markus Thielen）在周三在给客户的一份情况下说：“在最坏的情况下，比特币可能会降至72,000- $ 74,000的范围，可能会发生反弹。”

That said, BTC rose to $86,000 at press time, having tested a supposed demand zone at around $82,000, suggested by Markus Thielen, founder of 10x Research, in Wednesday's client note.

也就是说，在周三的客户注释中，BTC在发稿时上涨了86,000美元，在10倍研究的创始人Markus Thielen提出，在周三的客户note中提出了大约82,000美元的需求区。

According to Thielen, the potential demand zone is around $82,000, as suggested by an on-chain metric called the short-term holders' realized price – the average price at which addresses holding coins for less than 155 days have purchased their BTC.

根据蒂伦（Thielen）的说法，潜在需求区约为82,000美元，这是一个名为“短期持有人实现的价格”的链量学指标，这是在不到155天购买其BTC的平均价格。

"Historically, bitcoin rarely trades below this (short-term holders' realized price] level in bull markets for extended periods, whereas, in bear markets, it tends to stay below it for longer durations. During the summer 2024 consolidation, bitcoin dropped $9,616 below this metric, now at $92,800," Thielen

“从历史上看，比特币很少在牛市的牛市（短期持有人的实现价格）长期水平以下，而在熊市中，它往往会在较长的持续时间内保持在更长的持续时间之下。在2024年夏季合并中，比特币在这个标准下跌至92,800美元，theielennielenennielenennielenneenennelennelennelennelennelennelennelen nielenen nielenen nielenneen nielenneen nielenneen nielenneen nielen nielen nielen