比特币（BTC）贸易商为历史性月度期权的到期做准备

比特币（BTC）贸易商正在为历史性月度期权的到期做准备。 3月28日，将解决165亿美元的开放利息。

Bitcoin traders are gearing up for the expiration of a historic monthly options series on March 28, which will see $16.5 Billion in open interest settled.

比特币交易者正在为3月28日的历史性月期期权系列的到期准备工作，该期权系列将有165亿美元的开放兴趣。

At the upcoming expiry, which sees bulls and bears clashing around the $90,000 level as the tide shifts, buyers are aiming to push BTC higher. Meanwhile, sellers are focused on regaining control below $84,000.

在即将到来的到期时，随着潮汐的转变，公牛并承受了90,000美元的冲突，买家的目标是将BTC提高。同时，卖方专注于重新获得低于84,000美元的控制权。

The massive expiry is putting pressure on both sides to influence the market.

大规模的到期正向双方施加压力，以影响市场。

According to Laevitas, $10.5 Billion in call (buy) options and $6 Billion in put (sell) options are set to expire. However, nearly $7.6 Billion of those calls will require Bitcoin to rise above $92,000 to become profitable.

根据Laevitas的说法，将有105亿美元的电话（买入）期权和60亿美元的看跌期权（卖出）期权到期。但是，这些电话中有近76亿美元将要求比特币上涨92,000美元以上的盈利。

With BTC currently trading around $86,000, it places the majority of the most bullish positions out of the money.

由于BTC目前的交易约为86,000美元，因此将大多数看涨的位置置于这笔钱中。

If the token manages to stay above around $86,500 at expiry, only $2 Billion in put options will remain active.

如果令牌设法在到期时设法保持在86,500美元左右，则只有20亿美元的看涨期权将保持活跃。

But, a drop below $84,000 could see that figure increase to $2.6 Billion—giving the bears a stronger hand heading into expiry. This creates a small and volatile price zone, which is likely to see both sides pushing the spot price ahead of Friday’s close.

但是，低于84,000美元的下跌可能会看到这一数字增加到26亿美元，这使熊队的手变得更加强大。这创造了一个小且波动的价格区，这很可能会看到双方在周五结束之前将现货价格推高。

Bitcoin struggles under key resistance

比特币在关键阻力下挣扎

After reaching a high of $88,752 on March 24, Bitcoin has failed to break through the $88,000 barrier.

在3月24日达到88,752美元的高价之后，比特币未能突破88,000美元的障碍。

The 1-hour chart shows a pattern of lower highs and lower lows, indicating weakness in the asset’s short-term trend.

1小时的图表显示了较低的高点和较低的低点模式，表明资产短期趋势的弱点。

Those short-term price movements are also putting pressure on those holding onto Bitcoin for less than 15 days.

这些短期价格变动也给那些持有比特币的人施加压力不到15天。

According to Glassnode’s “Week On-chain” report, short-term holders (STHs) are now sitting on 3.4 million BTC in unrealized losses.

根据GlassNode的“周链”报告，短期持有人（STHS）现在正遇到340万BTC的未实现损失。

That’s the highest volume of STH-held supply in loss since July 2018. It’s also a significant increase from the 2.4 million BTC in unrealized loss reported last month.

这是自2018年7月以来的STH控制损失供应量最高。与上个月未实现的损失的240万BTC相比，这也是显着的增长。

The report also highlighted that Bitcoin’s accumulation trend score remains low, at less than 0.1, indicating strong selling pressure.

该报告还强调，比特币的累积趋势得分仍然低于0.1，表明销售压力很大。

Onchain transfer volumes decreased by 47% to $5.2 Billion daily. At the same time, active addresses decreased by 18% from 950,000 in November 2024 to 780,000.

OnChain转移量减少了47％，至52亿美元。同时，主动地址从2024年11月的950,000下降到780,000。

This signals a decrease in both large-scale and small-scale trading activity within the Bitcoin network.

这表明比特币网络中的大规模和小规模交易活动都在减少。

What are the bulls saying?

公牛在说什么？

Although liquidity is drying up and short-term holders are facing losses, bullish traders still see a path for a rebound.

尽管流动性正在枯竭，而短期持有人面临损失，但看涨的商人仍然看到了反弹的道路。

Their optimism is focused on a potential catalyst for an uptrend, which could be triggered by central bank monetary expansion or renewed institutional demand.

他们的乐观态度集中在上升趋势的潜在催化剂上，这可能是由中央银行的货币扩张或更新的机构需求引起的。

The integration of cryptocurrency assets by companies like GameStop (NYSE:GME), which recently announced adding Bitcoin (BTC) to its treasury, is another point of contention.

GameStop（NYSE：GME）等公司最近宣布将比特币（BTC）添加到其财政部的公司的公司集成，这是另一个争论点。

Recently, GameStop (GME) and Rumble (NASDAQ:RUM) announced plans to invest in Bitcoin, while Japan-listed Metaplanet (TYO:3350) has also added the token to its balance sheet.

最近，GameStop（GME）和Rumble（NASDAQ：RUM）宣布了投资比特币的计划，而日本上市的Metaplanet（TYO：3350）也将令牌添加到其资产负债表中。

On the technical side, trader Batman spotted a $39 Million cluster of short liquidations pending around $89,000 on Binance.

在技​​术方面，Trader Batman发现了3,900万美元的短清算集群，持续约89,000美元。

“Liquidity drives the market,” he said, adding that the area could see a "beastial" move if it’s tested.

他说：“流动性驱动了市场。”他补充说，如果经过测试，该地区可能会看到“野兽”的举动。

Paxton, meanwhile, pointed to a breakout from a pennant pattern on the 4-hour chart.

同时，帕克斯顿（Paxton）指出了4小时图表上的五角旗图案的突破。

“We’ll watch its next move to call the trend.”

“我们将观看下一步行动来召集趋势。”

Bitcoin traders brace for post-expiry shakeout

比特币交易员支撑在爆发后摇摆

With $16.5 Billion in open interest set to expire at the end of March and traders expecting a surge in volatility as we approach the event.

开放兴趣的165亿美元将于3月底到期，交易者预计随着我们的活动，贸易商预计波动会激增。

The next 48 hours will be crucial in determining the fate of Bitcoin and its direction in April.

接下来的48小时对于确定4月的比特币及其方向的命运至关重要。

Pointing out the weakness in the candlesticks and the strong selling pressure, Altcoin Sherpa shared his thoughts on the short-term outlook for Bitcoin.

Altcoin Sherpa指出了烛台的弱点和强烈的销售压力，分享了他对比特币短期前景的想法。

He highlighted that the weekly structure still favors bears unless Bitcoin manages to close above the $90,000 zone.

他强调，除非比特币设法超过90,000美元的区域，否则每周的结构仍然有利于熊。

“Not great at all. Still see more potential for downside in this ST timeframe.”

“一点都不好。在这个ST时间范围内，仍然会看到更多的缺点。”

According to another trader, who specializes in technical analysis, Ben; a breakout above $89,000 could propel Bitcoin towards the $93,000 to $96,000 price levels.

据另一位专门从事技术分析的交易者的说法。超过$ 89,000的突破可能会推动比特币的$ 93,000至96,000美元的价格水平。

He also noted that the 200-day exponential moving average, currently at $85,570, is providing

他还指出，目前为85,570美元的200天指数移动平均值正在提供