尽管价格挣扎，但比特币[BTC]长期持有人拒绝出售

自从达到109k美元以来，比特币[BTC]一直在努力保持向上的动力。在此期间，随着BTC价格继续波动，波动率激增。

Bitcoin (BTC) price has struggled to regain bullish momentum since hitting $109k, and volatility has surged as the crypto continues to fluctuate in a limited trading range.

自从达到10.9万美元以来，比特币（BTC）的价格一直在努力恢复看涨的势头，并且随着加密货币在有限的交易范围内波动，波动率激增。

Despite this heightened fluctuation, Long Term Holders (LTHs) have refused to close their positions, as per CryptoQuant.

尽管波动增加了，但长期持有人（LTHS）还是拒绝关闭其位置，根据加密量。

According to the crypto analytics platform, the Inactive Supply Shift Index (ISSI) suggests that there’s no significant selling pressure from LTHs.

根据加密分析平台的说法，不活动的供应转移指数（ISSI）表明，LTHS没有巨大的销售压力。

Thus, there’s structural demand outpacing supply. Smart money isn’t exiting, but strategically positioning for the next Bitcoin’s trajectory.

因此，有结构性需求超过供应。聪明的钱不是退出，而是在战略上为下一个比特币的轨迹定位。

Historically, when LTHs hold their trade, it reflects strong conviction which often precedes major price expansions. Conversely, when they begin to distribute, they are typically done with major accumulations and it aligns with market tops.

从历史上看，当LTHS进行贸易时，它反映了强烈的信念，这通常是在主要价格上涨之前。相反，当它们开始分发时，它们通常是通过主要积累来完成的，并且与市场顶部保持一致。

Therefore, if the LTHs are not selling, it suggests market confidence among this cohort. However, although LTHs are optimistic, short-term holders are not.

因此，如果LTHS不出售，它表明该队列中的市场信心。但是，尽管LTH是乐观的，但短期持有人却不是。

As such, the STH realized price is set around $92K, putting this cohort at a loss since the 6th of March.

因此，STH实现的价格定为92,000美元，这使该队列自3月6日以来亏损。

Periods of uncertainty are usually difficult for weaker hands, often forcing them to capitulate. This suggests that there’s different market behavior from LTHs and STHs.

对于较弱的手来说，不确定性时期通常很难，通常迫使它们屈服。这表明与LTH和STH的市场行为不同。

What BTC charts suggest

BTC图表的建议

Based on the analysis provided by CryptoQuant, there’s no significant selling pressure from long-term holders.

基于加密量的分析，长期持有人没有明显的销售压力。

According to AMBCrypto’s analysis, activities on the sell side have drastically declined. We can see this shift as Bitcoin’s Fund Flow Ratio has declined from 0.12 to 0.05.

根据Ambcrypto的分析，卖出方面的活动急剧下降。我们可以看到这种转变，因为比特币的基金流量比从0.12下降到0.05。

This drop suggests that fewer funds are flowing into exchanges, thus there is less immediate sell pressure from holders. As such, LTHs might be accumulating or holding, which reduces the likelihood of a large sell-off.

这次下降表明，资金较少，流入交易所，因此持有人立即销售压力较小。因此，LTHS可能正在积累或持有，从而降低了大量抛售的可能性。

This reduced selling pressure is further evidenced by the declining stock-to-flow ratio. Bitcoin’s SFR has dropped from 43k to 42k over the past week.

股票与流量比率下降进一步证明了这种降低的销售压力。在过去的一周中，比特币的SFR从43K下降到42K。

When supply declines while demand remains constant or rises, prices are likely to rise.

当需求下降时需求持续或上升时，价格可能会上涨。

Therefore, the current market conditions show that although there’s selling activity, the demand side is gradually absorbing it.

因此，当前的市场状况表明，尽管有销售活动，但需求方逐渐吸收了它。

With LTHs refusing to sell while STH is capitulating, it suggests a continued consolidation.

随着LTH拒绝在STH屈服时出售，这表明持续合并。

If sellers and buyers continue to battle, we could see Bitcoin continue to trade between $82k and $87k. However, a breakout above this range could push the king crypto towards $92k, which is STH’s realized price.

如果卖家和买家继续战斗，我们可以看到比特币继续在82,000美元至8.7万美元之间进行交易。但是，超过此系列的突破可能会将国王加密货币推向92,000美元，这是STH实现的价格。