Key Metric说，比特币（BTC）突然看起来不那么看跌。

市场情报公司GlassNode的联合创始人说，基于关键指标，比特币（BTC）突然看起来不那么看跌。

The co-founders of market intelligence firm Glassnode are keeping a close eye on Bitcoin (BTC) price action, and according to them, a key metric is suddenly looking less bearish.

市场情报公司GlassNode的联合创始人正在密切关注比特币（BTC）的价格行动，据他们说，关键指标突然看起来不那么看跌。

In a new thread on the social media platform X, Jan Happel and Yann Alleman - who go by the handle Negentropic - shared an updated Bitcoin Risk Signal chart, showing that the metric has dropped below 25.

在社交媒体平台X上的一个新线程中，Jan Happel和Yann Alleman（通过handle negentropic乘坐的Yann Alleman）分享了一个更新的比特币风险信号图表，表明该指标已降至25处。

The Bitcoin Risk Signal, according to Alleman, is based on a “set of proprietary indicators, including Bitcoin price data, on-chain data and a selection of other trading metrics.” The indicator gauges whether BTC is at risk of a major drawdown in price.

根据ALLEMAN的说法，比特币风险信号基于“一组专有指标，包括比特币价格数据，链上数据和其他交易指标的选择”。该指标衡量了BTC是否有大量价格降低的风险。

The lower the value of the Bitcoin Risk Signal, the less likely BTC is to experience a significant price drop, and vice versa. As such, values below 25 on the indicator are generally considered bullish.

比特币风险信号的价值越低，BTC的价格下降的可能性就越小，反之亦然。因此，指标上低于25的值通常被认为是看涨的。

“Good news and bad news – which one do you want first?” the analysts wrote, kicking off their analysis.

“好消息和坏消息 - 您首先想要哪一个？”分析师写道，开始了他们的分析。

“Good: the Risk Index has dropped below 25, meaning bearish pressure has significantly eased.”

“好：风险指数已下降到25台以下，这意味着看跌压力已大大缓解。”

However, before a bullish trend reversal can be confirmed, the analysts said that Bitcoin needs to flip the $100,000 level into support.

但是，在证实看涨趋势逆转之前，分析师说，比特币需要将100,000美元的水平翻转为支持。

“Bad (or maybe not so bad): the BTC futures-to-spot ratio shows a higher increase in futures than spot, indicating this recovery is futures-driven. Meanwhile, shorts are piling up above $99,000-$100,000, which could fuel a squeeze.”

“不好（或可能还不错）：BTC期货与点的比率比现场的增长更高，这表明这种恢复是由期货驱动的。同时，短裤堆积在99,000-100,000美元以上，这可能会挤压。”

The analysts also noted that Bitcoin needs spot trading volume to increase in order to hold higher price levels as support.

分析师还指出，比特币需要斑点交易量以增加，以便将更高的价格水平作为支持。

“Each rebound is weaker, signaling a lack of spot volume for a stronger move…” they wrote.

他们写道：“每个反弹都较弱，这表明缺乏更强大的举动……”

“Until $97,000-$98,500 is recovered, $92,000 remains the key downside level to watch.”

“直到收回$ 97,000- $ 98,500之前，$ 92,000仍然是要观看的关键缺票。”

At the time of writing, Bitcoin is trading hands for $98,336, having remained largely flat over the past 24 hours.

在撰写本文时，比特币以98,336美元的价格交易，在过去的24小时内仍然很平坦。