比特币（BTC）努力夺回其以前的历史最高（ATH），超过$ 109,000

比特币一直在努力恢复其以前的历史最高（ATH），超过109,000美元，在近两个星期内保持低于90,000美元的成绩。

Bitcoin (BTC) has struggled to reclaim its previous all-time high (ATH) of over $109,000, remaining below the $90,000 mark for nearly two weeks.

比特币（BTC）一直在努力恢复其以前的历史最高（ATH），超过109,000美元，在将近两周的时间内保持低于90,000美元。

After reaching the ATH in January 2025, Bitcoin has faced more bearish pressure, leaving traders uncertain about whether the current bull market has ended or if a new rally could push Bitcoin to fresh highs.

在2025年1月到达ATH之后，比特币面临更大的看跌压力，使交易者不确定目前的牛市是否已经结束，或者新的集会是否可以将比特币推向新鲜的高点。

One striking development has been a 35% drop in Bitcoin’s open interest. This metric, which tracks the total value of outstanding derivative contracts, has fallen from $57 billion to $37 billion since the ATH.

一个惊人的开发是比特币的开放兴趣下降了35％。该指标跟踪未销售衍生合同的总价值，自ATH以来已从570亿美元降至370亿美元。

This steep decline indicates a reduction in speculative trading and hedging activity.

这种急剧下降表明投机交易和对冲活动的减少。

Analysts at Glassnode noted that this decrease in open interest mirrors broader trends of decreasing on-chain liquidity, signaling risk-off sentiment among investors.

GlassNode的分析师指出，开放兴趣的下降反映了降低链流动性，信号降低投资者的风险情绪的更广泛趋势。

The drop in open interest may also indicate that traders are unwinding cash-and-carry trades, where they previously profited from the price difference between the spot and futures markets. This suggests a weakening long-side bias, which could be contributing to downward pressure on Bitcoin’s price.

开放利息的下降还可能表明交易者正在放松现金交易，以前他们从现货和期货市场之间的价格差异中获利。这表明长期偏见弱，这可能会导致比特币价格下降压力。

Additionally, Bitcoin ETFs have seen outflows, and CME futures closures have chipped away at the positive sentiment, leaving Bitcoin more vulnerable to short-term volatility.

此外，比特币ETF已经看到了流出，CME期货的封闭也以积极的情绪消失了，使比特币更容易受到短期波动的影响。

Another key on-chain metric, the “Hot Supply,” has seen a significant decline from 5.9% to 2.8% of the circulating supply over the past three months. This metric tracks Bitcoin holdings that are one week old or less.

另一个关键的链链指标，“热供应”，在过去三个月中从5.9％下降到循环供应的2.8％。该公制跟踪比特币持有量或更少一周的比特币。

As less newly-acquired Bitcoin is being traded, it contributes to a reduction in the supply of liquid Bitcoin available in the market.

由于交易量不太新的比特币，因此有助于减少市场上液体比特币的供应。

Exchange inflows have also dropped significantly, decreasing by 54% from 58,600 BTC per day to 26,900 BTC. This suggests weaker demand, as fewer coins are being moved to exchanges for trading.

交换流入也显着下降，从每天58,600 BTC减少了54％，增至26,900 BTC。这表明需求较弱，因为将硬币更少转移到交易以进行交易。

Lower exchange inflows may decrease sell-side pressure, but the decrease in trading volume could indicate overall market stagnation.

较低的交换流入可能会降低卖方​​压力，但交易量的减少可能表明总体市场停滞。

Bitcoin is currently trading around $85,462, trying to maintain support above the $85,000 level.

比特币目前的交易约为85,462美元，试图维持高于85,000美元的支持。

Market commentators, including the well-known “Unknown Trader,” have pointed out that Bitcoin’s ability to close above the $85,000 level is crucial for maintaining upward momentum.

包括著名的“未知交易者”在内的市场评论员指出，比特币超过$ 85,000的能力对于保持向上的势头至关重要。

The trader also noted that Bitcoin has closed above its 200-day moving average, historically a bullish signal. If Bitcoin can hold above $85,000, a move toward resistance at $90,500-$92,441 may be possible. However, there is also the potential for a rejection at these levels and a retest of the $85,000 support.

交易员还指出，比特币已关闭超过其200天移动平均线，历史上是看涨的信号。如果比特币可以持有超过85,000美元的售价，则可能可能以90,500- $ 92,441的价格朝着阻力迈出。但是，在这些水平上也有可能拒绝，并重新获得85,000美元的支持。

On a more positive note, CryptoQuant analyst Woominkyu highlighted a potential accumulation phase among U.S. institutional investors.

从更积极的角度来看，加密分析师Woominkyu强调了美国机构投资者的潜在积累阶段。

He pointed out a bullish crossover of the 30-day EMA and the 100-day EMA of the Coinbase Premium Index, which has historically signaled price surges. This suggests that institutional investors may be increasing their Bitcoin holdings.

他指出了30天EMA和Coinbase Premium指数的100天EMA的看涨跨界，这历史上表明了价格飙升。这表明机构投资者可能正在增加其比特币持有量。

This could be providing support for the ongoing bull market rather than signaling its end.

这可能是为正在进行的牛市提供支持，而不是标志着其结束。

Overall, while Bitcoin is facing some downward pressure from declining open interest and other on-chain metrics, there are still positive signals suggesting that institutional accumulation could drive the next phase of growth.

总体而言，虽然比特币面临着开放兴趣和其他链上指标的下降压力，但仍有积极的信号表明机构积累可能会推动下一阶段的增长阶段。

Traders should closely monitor Bitcoin’s ability to maintain support above key levels to assess whether the bullish momentum will continue or if further consolidation is in store.

交易者应密切监视比特币保持支持高于关键水平的能力，以评估看涨的势头是否会继续下去，或者是否进一步合并。