比特币（BTC）篮板从当天的低价81,500美元到超过88,000美元

根据Bitpush数据，在过去的24小时内，比特币（BTC）从一天中的最低点起反弹，$ 81,500，超过88,000美元

After several days of thrilling fluctuations, risky assets reversed overnight.

经过几天激动的波动，风险资产倒塌了。

According to Bitpush data, in the past 24 hours, Bitcoin (BTC) rebounded from the lowest point of the day at $81,500 to more than $88,000, with a daily increase of nearly 10%. At the same time, the three major stock indexes narrowed their losses, with the Nasdaq closing down to 0.35%.

根据Bitpush的数据，在过去的24小时内，比特币（BTC）从一天中的最低点起反弹，$ 81,500至88,000美元以上，每天增加了近10％。同时，三个主要股票指数缩小了损失，纳斯达克股票下跌至0.35％。

The tug-of-war between market sentiment and the macroeconomy

市场情绪与宏观经济之间的拔河

The recent market is stalemate. After Bitcoin rebounded from the low of $78,000 on February 21 to $95,000, it then fell back to around $81,000. The long and short sides are in a tug of war, and the market direction is unclear. Although Trump's "pro-crypto" statement once boosted market confidence, its impact was ultimately short-lived and failed to reverse the overall market weakness. Potential macroeconomic risks are still the "Sword of Damocles" hanging over the market.

最近的市场是僵局。在比特币从2月21日的78,000美元的低点反弹到95,000美元之后，它降至约81,000美元。长边和短方面正在拖拉战争，市场方向尚不清楚。尽管特朗普的“亲克赖特托”声明曾经提高了市场信心，但其影响最终是短暂的，未能扭转整体市场弱点。潜在的宏观经济风险仍然是市场上悬挂的“达马克尔之剑”。

Ki Young Ju, CEO of CryptoQuant, believes that the Bitcoin market may continue to linger in a downturn until there is a substantial improvement in US market sentiment. Under the influence of multiple factors such as unclear regulatory policies, complex and changing macroeconomic environment, and continued volatility in investor sentiment, it remains unknown whether Bitcoin can maintain a high level for a long time. Before a stronger market catalyst emerges, Bitcoin may continue to fluctuate in a wide range, and investors need to pay close attention to market trends and capture key signals.

CryptoQuant首席执行官Ki Young Ju认为，比特币市场可能会继续流连忘返，直到美国市场情绪有了很大的改善为止。在多种因素的影响下，例如不清楚的监管政策，复杂和变化的宏观经济环境以及投资者情绪的持续波动，仍然未知比特币是否可以长期保持高水平。在更强大的市场催化剂出现之前，比特币可能会继续在广泛的范围内波动，投资者需要密切关注市场趋势并捕获关键信号。

After the $90,000 mark was lost, bulls faced severe challenges

损失了90,000美元的大关后，公牛面临严重的挑战

Despite the market's repeated attempts to rebound, Bitcoin and the entire cryptocurrency market remain under pressure and have failed to effectively establish a sustained upward trend. Many analysts have warned that if bulls want to reverse the downward trend, they must take action as soon as possible to regain key points, otherwise Bitcoin may face the risk of further decline.

尽管市场反复反弹，但比特币和整个加密货币市场仍处于压力下，并且未能有效地建立持续的上升趋势。许多分析人士警告说，如果公牛想要扭转下降趋势，他们必须尽快采取行动重新恢复要点，否则比特币可能会面临进一步下降的风险。

However, Ki Young Ju believes that it may be too early to assert that the bull market cycle has ended. CryptoQuant's on-chain data shows that the market's on-chain activity remains relatively flat and key indicators are neutral, indicating that despite the recent market weakness, the overall bull market pattern may not have been disrupted. In addition, Bitcoin's fundamentals remain solid, and more mining machines continue to come online, which also reflects that major market participants still have confidence in Bitcoin's long-term prospects.

但是，Ki Young Ju认为，断言牛市周期已经结束可能还为时过早。 CryptoQuant的链链数据表明，市场的链链活动仍然相对平坦，关键指标是中性的，表明尽管最近市场疲软，但总体牛市市场模式可能并未受到干扰。此外，比特币的基本面仍然坚固，更多的采矿机继续上线，这也反映了主要的市场参与者仍然对比特币的长期前景充满信心。

Ju further pointed out that if this round of bull market cycle ends here, it may not be a result that the main stakeholders in the market would like to see, including early entrants of "whale" investors, large mining companies, traditional financial institutions, and US President Trump, who publicly expressed support for cryptocurrencies. Retail investors are usually considered to be late entrants in the bull market cycle, and at this stage, their market behavior may not be enough to dominate the market direction.

JU进一步指出，如果这一轮牛市周期在这里结束，则可能不是市场上的主要利益相关者希望看到的，包括“鲸鱼”投资者，大型矿业公司，传统金融机构和美国总统特朗普的早期参与者，他们公开表示支持加密货币。散户投资者通常被认为是牛市周期中的晚期参与者，在此阶段，他们的市场行为可能不足以主导市场方向。

$85,000 becomes a key liquidity test, will the historical cycle repeat itself?

$ 85,000成为一个关键的流动性测试，历史周期会重演吗？

TradingView analysts believe that the more critical support level for BTC in the short term is still $85,000, a level that has played a vital role in the market game in recent weeks.

TradingView分析师认为，短期内BTC的更关键支持水平仍然是85,000美元，这一水平在最近几周在市场游戏中起着至关重要的作用。

If Bitcoin continues to trade below $85,000 in the next few days, it may trigger a larger-scale market sell-off. The concentrated release of selling pressure may cause the currency price to accelerate downward and further confirm the bearish momentum of the market. At that time, Bitcoin may face the risk of testing lower support levels.

如果比特币在接下来的几天内继续以低于85,000美元的价格交易，则可能会引发大规模的市场抛售。销售压力的集中释放可能会导致货币价格向下加速，并进一步确认市场的看跌势头。当时，比特币可能面临测试较低支持水平的风险。

Quinten posted on the X platform: Looking back at history may provide us with some inspiration. In the last bull market cycle, Bitcoin experienced seven large corrections, with the correction ranges being: -17%, -17%, -32%, -26%, -28%, -51%, and -25%. Each correction has caused market panic, making people feel that the "bear market" has arrived. Whenever the price drops sharply, the market is always full of arguments that "Bitcoin is dead". However, history has proven that Bitcoin has finally successfully broken through resistance and continued to climb upward. It is true that history will not simply repeat itself, but it is often surprisingly similar.

Quinten发布在X平台上：回顾历史可能会为我们提供一些灵感。在最后一个牛市周期中，比特币经历了七次大型更正，校正范围为：-17％，-17％，-32％，-26％，-28％，-28％，-51％和-25％。每次更正都引起了市场恐慌，使人们感到“熊市”已经到来。每当价格急剧下降时，市场总是充满“比特币死亡”的争论。然而，历史证明，比特币终于成功地通过抵抗力破坏了，并继续向上攀升。的确，历史不会简单地重复自己，而是令人惊讶的相似。

On the whole, the two key price levels of $85,000 and $90,000 will become the focus of competition between the bulls and bears in the short-term market. Investors need to pay close attention to the gains and losses of these two points in order to judge the next direction of the market.

总体而言，两个关键价格水平为85,000美元和90,000美元，将成为公牛与熊队在短期市场中竞争的重点。投资者需要密切关注这两个点的收益和损失，以判断市场的下一个方向。

According to analyst Master Ananda, the current market action is very “interesting” and sends out some useful signals to highlight:

根据分析师Ananda的说法，当前的市场行动非常“有趣”，并发出了一些有用的信号以突出显示：

The bottom may have been found: Last week, Bitcoin fell sharply by 28% from

底部可能已经发现：上周，比特币从