比特币（BTC）销售压力急剧下降，表明一段时间的合并

比特币的销售压力急剧下降，这表明在4月和5月之前进行了整合。

Bitcoin (BTC) selling pressure has fallen sharply, setting the stage for the next move as the cryptocurrency enters a period of consolidation through April and May, according to analysis by CryptoQuant.

根据CryptoQuant的分析，比特币（BTC）的销售压力急剧下降，为下一步行动奠定了基础。

On a Apr. 1 post on X, Axel Adler Jr., an analyst at the on-chain analytics firm, noted that daily selling volume on major exchanges has dropped from 81,000 Bitcoin (BTC) to 29,000 BTC. Following this decline, the asset may enter a supply shortage phase with less sellers and consistent demand, setting the stage for the next Bitcoin price movement.

链分析公司的分析师Axel Adler Jr.在4月1日的帖子上指出，大型交易所的每日销售量已从81,000比特币（BTC）下降到29,000 BTC。在这种下降之后，资产可能进入供应短缺阶段，销售商较少，需求持续，为下一个比特币价格转移奠定了基础。

"The average selling pressure on top exchanges has dropped from 81K to 29K BTC per day," said Adler. "Welcome to the zone of asymmetric demand. The market has successfully absorbed waves of profit-taking following the break above $100K. Sellers have dried up, and buyers seem comfortable with pivoting at a lower price over time."

阿德勒说：“顶级交易所的平均销售压力从每天的81k下降到29k BTC。” “欢迎来到不对称需求的区域。在$ 10万美元以上的休息后，市场已成功吸收了获利的浪潮。卖家已经干dried了，买家似乎对随着时间的推移以较低的价格旋转。”

A shift in the futures trading market mirrors this trend. In a separate post, Adler noted that short positions surged as bearish traders tried to profit following Bitcoin’s February all-time high. However, this pressure is now weakening, and trading behavior is changing.

期货交易市场的转变反映了这一趋势。阿德勒（Adler）在另一篇文章中指出，在比特币（Bitcoin）2月的历史最高水平之后，短期职位飙升。但是，这种压力现在正在减弱，交易行为正在发生变化。

"The behavior in the futures market is also shifting. We're seeing less short positions being liquidated as the bears get tired and the market enters a new phase," he added.

他补充说：“期货市场的行为也在发生变化。随着熊的疲倦，市场进入新阶段，我们看到的短职位较少。”

Through exchange traded funds, institutional investors are now playing a bigger role in Bitcoin’s price trajectory than the retail market. As a result, the asset is more sensitive to macroeconomic events such as Federal Reserve policy shifts and inflation reports.

通过交易所交易基金，机构投资者现在在比特币的价格轨迹中发挥了更大的作用，而不是零售市场。结果，资产对宏观经济事件（例如美联储政策的转变和通货膨胀报告）更为敏感。

"The price action is becoming increasingly dependent on macro events, especially with the decreasing role of the retail market and the rising sensitivity to FED and inflation news."

“价格行动越来越依赖宏事件，尤其是随着零售市场的作用下降以及对美联储和通货膨胀新闻的敏感性的提高。”

Meanwhile, Binance’s dominance in spot trading could also signal a bullish trend. Joao Wedson, another CryptoQuant Analyst, pointed out that Binance's trading volume is now eight times higher than that of Coinbase, and that past patterns have showed that Bitcoin often experiences a price surge when Binance leads in volume.

同时，Binance在现货交易中的主导地位也可能标志着看涨的趋势。另一位加密分析师Joao Wedson指出，Binance的交易量现在是Coinbase的交易量的八倍，并且过去的模式表明，当Binance带来数量时，比特币经常会出现价格上涨。

"This indicator is turning positive again, meaning Binance's volume is consistently outpacing other exchanges," said Wedson. "The last time this happened was in January 2024, when Bitcoin was trading at around $42,000 and later surged to $52,000 after Binance's volume began to dominate."

韦德森说：“这个指标再次变为积极，这意味着Binance的数量始终超过其他交流。” “这次发生在2024年1月，当时比特币的交易约为42,000美元，后来在Binance的数量开始占据主导地位之后，比特币后来飙升至52,000美元。”

Not all indicators, though, point to immediate gains. According to a 10x Research analysis, newly imposed tariffs and rising inflation could affect risk assets like Bitcoin.

但是，并非所有指标都指向立即收益。根据10倍的研究分析，新强加的关税和通货膨胀率上升可能会影响像比特币这样的风险资产。

Now at 5%, 10x Research analysts believe inflation expectations could slow down institutional inflow. They also noted that multiple risk-off catalysts are likely to pressure equities this week, which could spill over into the cryptocurrency market.

现在，10倍研究分析师认为，通货膨胀预期可能会减缓机构流入。他们还指出，本周多个冒险催化剂可能会向股票施加压力，这可能会溢出到加密货币市场。

"We expect BTC to move lower and potentially test the $80K level," said the analysts. "With the upcoming CPI and PPI reports, we may see further weakness in the market."

分析师说：“我们预计BTC将降低并有可能测试80,000美元的水平。” “随着CPI和PPI的报告，我们可能会看到市场上进一步的弱点。”

As of press time, Bitcoin is trading at $83,530, with a seven-day range between $81,488 and $88,240. Although short-term risks are mounting, declining selling pressure and point to a stabilizing market, potentially setting the stage for the next move.

截至发稿时，比特币的交易价格为83,530美元，范围为81,488美元至88,240美元。尽管短期风险越来越大，销售压力下降并指向稳定的市场，有可能为下一步行动奠定基础。