比特币 (BTC) 显示出弹性迹象，准备重新测试 98,000 美元阻力位

比特币（BTC）已显示出弹性的迹象，尽管近期价格波动，但衍生品和保证金数据表明看涨情绪。

Bitcoin (BTC) price analysis suggests bullish sentiment among derivatives traders despite recent price volatility. As BTC recovers from a Dec.23 low of $92,458 with a 6.5% gain, it faces resistance at $98,000 before targeting $105,000.

比特币（BTC）价格分析表明，尽管近期价格波动，衍生品交易商仍抱有看涨情绪。随着 BTC 从 12 月 23 日低点 92,458 美元反弹，涨幅为 6.5%，在目标 105,000 美元之前面临 98,000 美元的阻力。

Key points to note:

需要注意的要点：

Bitcoin futures maintain a 12% premium over spot prices, reflecting strong demand for leveraged long positions.

比特币期货比现货价格保持 12% 的溢价，反映出对杠杆多头头寸的强劲需求。

Options market data shows minimal fear of a correction, as put options trade at a 2% discount compared to call options.

期权市场数据显示，人们对回调的担忧微乎其微，因为看跌期权的交易价格比看涨期权低 2%。

The S&P 500 erased December losses, and 10-year Treasury yields rose to 4.59%, indicating market optimism.

标准普尔 500 指数抹去了 12 月份的跌幅，10 年期国债收益率升至 4.59%，表明市场乐观。

Higher Treasury yields reflect inflation expectations, benefiting scarce assets like Bitcoin during liquidity injections.

国债收益率上升反映了通胀预期，在流动性注入期间有利于比特币等稀缺资产。

The long-to-short margin ratio at OKX stands at 25x, underscoring bullish positioning.

OKX 的多空保证金比率为 25 倍，凸显了看涨定位。

Historical trends show ratios above 40x signal overconfidence, while levels below 5x indicate bearish sentiment.

历史趋势显示，高于 40 倍的比率表明过度自信，而低于 5 倍的比率则表明看跌情绪。

Bitcoin (BTC) price analysis suggests bullish sentiment among derivatives traders despite recent price volatility. As BTC recovers from a Dec.23 low of $92,458 with a 6.5% gain, it faces resistance at $98,000 before targeting $105,000.

比特币（BTC）价格分析表明，尽管近期价格波动，衍生品交易商仍抱有看涨情绪。随着 BTC 从 12 月 23 日低点 92,458 美元反弹，涨幅为 6.5%，在目标 105,000 美元之前面临 98,000 美元的阻力。

Key points to note:

需要注意的要点：

Bitcoin futures maintain a 12% premium over spot prices, reflecting strong demand for leveraged long positions.

比特币期货比现货价格保持 12% 的溢价，反映出对杠杆多头头寸的强劲需求。

Options market data shows minimal fear of a correction, as put options trade at a 2% discount compared to call options.

期权市场数据显示，人们对回调的担忧微乎其微，因为看跌期权的交易价格比看涨期权低 2%。

The S&P 500 erased December losses, and 10-year Treasury yields rose to 4.59%, indicating market optimism.

标准普尔 500 指数抹去了 12 月份的跌幅，10 年期国债收益率升至 4.59%，表明市场乐观。

Higher Treasury yields reflect inflation expectations, benefiting scarce assets like Bitcoin during liquidity injections.

国债收益率上升反映了通胀预期，在流动性注入期间有利于比特币等稀缺资产。

The long-to-short margin ratio at OKX stands at 25x, underscoring bullish positioning.

OKX 的多空保证金比率为 25 倍，凸显了看涨定位。

Historical trends show ratios above 40x signal overconfidence, while levels below 5x indicate bearish sentiment.

历史趋势显示，高于 40 倍的比率表明过度自信，而低于 5 倍的比率则表明看跌情绪。

Bitcoin's (BTC) price movements are closely followed by derivatives traders, who use futures, options, and margin markets to speculate on the cryptocurrency's price direction. Their activity can provide valuable insights into the overall market sentiment and potential price trends.

比特币（BTC）的价格走势受到衍生品交易商的密切关注，他们利用期货、期权和保证金市场来推测加密货币的价格方向。他们的活动可以提供有关整体市场情绪和潜在价格趋势的宝贵见解。

Strong Derivatives Demand Hints at Bullish Sentiment

强劲的衍生品需求暗示看涨情绪

Bitcoin futures, a derivative instrument that allows traders to speculate on BTC's future price, continue to trade at a premium to the spot market prices. This premium reflects the robust demand among derivatives traders for leveraged long positions, anticipating further price gains.

比特币期货是一种衍生工具，允许交易者推测比特币的未来价格，其交易价格继续高于现货市场价格。这一溢价反映了衍生品交易者对杠杆多头头寸的强劲需求，预计价格将进一步上涨。

At the time of writing, Bitcoin futures are priced at around $97,800, while the spot market price hovers near $96,600, indicating a premium of about 12%. This observation suggests that a majority of derivatives traders are bullish on BTC's price outlook.

截至撰写本文时，比特币期货价格约为 97,800 美元，而现货市场价格徘徊在 96,600 美元附近，溢价约为 12%。这一观察结果表明，大多数衍生品交易者看好比特币的价格前景。

Options Market Data Shows Limited Fear of Correction

期权市场数据显示对修正的担忧有限

The options market, another crucial segment of derivatives, provides insights into traders' expectations regarding the magnitude and direction of upcoming price movements. Put options grant traders the right to sell a specific amount of BTC at a set price within a defined period. In contrast, call options allow traders to buy BTC at a specified price within a particular timeframe.

期权市场是衍生品的另一个重要部分，它提供了交易者对即将到来的价格变动的幅度和方向的预期的见解。看跌期权赋予交易者在规定期限内以设定价格出售特定数量比特币的权利。相比之下，看涨期权允许交易者在特定时间范围内以指定价格购买 BTC。

Traditionally, traders pay a higher premium for put options if they anticipate a significant price drop, reflecting their preference for downside protection. Conversely, traders tend to pay more for call options when they expect substantial price gains.

传统上，如果交易者预计价格会大幅下​​跌，他们就会为看跌期权支付更高的溢价，这反映了他们对下行保护的偏好。相反，当交易者预期价格大幅上涨时，他们往往会为看涨期权支付更多费用。

As of now, the options market is pricing put options at a 2% discount compared to call options, indicating a limited fear of a price correction among options traders. This observation aligns with the bullish sentiment observed in the futures market.

截至目前，期权市场看跌期权的定价较看涨期权有 2% 的折扣，这表明期权交易者对价格调整的担忧有限。这一观察结果与期货市场的看涨情绪相符。

Traditional Market Influences: S&P 500 Rally, Rising Treasury Yields

传统市场影响：标准普尔 500 指数上涨、国债收益率上升

The United States stock market indices, including the S&P 500 and Dow Jones Industrial Average, erased their December losses and rallied in the first half of January 2023. This recovery from recent lows bodes well for riskier assets, such as Bitcoin (BTC), which often follows the broader market trends.

美国股市指数，包括标准普尔 500 指数和道琼斯工业平均指数，抹去了 12 月份的跌幅，并在 2023 年 1 月上半月反弹。这种从近期低点的复苏对于比特币 (BTC) 等风险较高的资产来说是个好兆头。经常跟随更广泛的市场趋势。

Meanwhile, the 10-year Treasury yields rose to 4.59% on Jan.23, hinting at optimism within the traditional markets. Higher Treasury yields reflect traders' expectations for inflation and economic growth, which bodes well for scarce assets like Bitcoin, especially during periods of liquidity injections.

与此同时，1月23日10年期国债收益率升至4.59%，暗示传统市场的乐观情绪。较高的国债收益率反映了交易者对通胀和经济增长的预期，这对于比特币等稀缺资产来说是个好兆头，尤其是在流动性注入期间。

Margin Markets Favor Long Positions, but Historical Trends Provide Context

保证金市场有利于多头头寸，但历史趋势提供了背景

Margin markets, which enable traders to amplify their trading positions by borrowing funds from exchanges, also provide insights into the overall bullish or bearish sentiment.

保证金市场使交易者能够通过从交易所借入资金来扩大其交易头寸，也可以提供对整体看涨或看跌情绪的洞察。

For instance, on the OKX exchange, the long-to-short margin ratio for BTC stands at 25x, indicating that traders are predominantly opening long positions (anticipating price increases) at a leverage of 25x, while

例如，在 OKX 交易所，BTC 的多空保证金比率为 25 倍，这表明交易者主要以 25 倍的杠杆开设多头头寸（预期价格上涨），而